☀️ Tue 13 Oct · ⚪ MIXED for gold
Gold about $4,195 (about flat since Monday's brief)
📰 What happened
⚪ Overnight: gold dipped to about $4,150 late Monday, then climbed back near $4,195 in Asian trading.
🔴 Fed official Beth Hammack (votes on US rates) said on Monday evening (UK) that rates need to rise further. Higher rates weigh on gold, which pays no interest.
🔴 The dollar hit an 18-month high on Monday, making gold dearer for most buyers.
🟢 Asian stocks tumbled as chip shares fell (South Korea down about 7%). Separately, US bond yields and the dollar eased, and gold rose.
🟢 Saudi Arabia is studying pipelines to send oil around the Strait of Hormuz. Less oil fear, less inflation worry: a smaller effect.
📅 Next 24 hours (Times: UK / New York)
08:45 / 03:45 Fed Governor Christopher Waller speaks 🔥🔥 MEDIUM
Topic: AI. He votes on US rates
🟢 if softer on rates | 🔴 if tougher
15:00 / 10:00 US existing home sales (homes resold) 🔥🔥 MEDIUM
Expected 3.96 million a year (prev 3.98 million)
🟢 if weaker | 🔴 if stronger
18:00 / 13:00 Richmond Fed President Tom Barkin speaks 🔥🔥 MEDIUM
Topic not confirmed
🟢 if softer on rates | 🔴 if tougher
21:00 / 16:00 Boston Fed President Susan Collins speaks 🔥🔥 MEDIUM
Topic not confirmed
🟢 if softer on rates | 🔴 if tougher
Wed 03:10 / Tue 22:10 ECB (euro central bank) head Christine Lagarde speaks 🔥🔥 MEDIUM
Topic not confirmed
🟢 if tougher on rates | 🔴 if softer (via the dollar)
📖 Gold lesson
Gold is priced in dollars. A stronger dollar makes gold dearer abroad, so demand often dips.
Next big test: US inflation (CPI, how fast shop prices rise), Wed 14 Oct, 13:30 UK / 08:30 New York.