29/10/2024 Daily Reports
Asian stocks showed mixed movement Tuesday amid volatile trading as investors braced for Wall Street’s tech earnings blitz, with Alphabet kicking off three days of results from industry giants. Meanwhile, the dollar steadied near its three-month high, buoyed by stronger U.S. economic data and expectations for fewer rate cuts. Japan’s yen, under pressure from weekend election outcomes that clouded future policy, found some stability. With U.S. election polls tightening, the dollar and oil have held steady, while gold inches closer to record highs. Markets remain watchful as critical events in both global policy and earnings unfold this week.
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The tight race between Harris and Trump is fueling demand for gold as a safe-haven asset. With potential Trump-era trade tariffs and policy uncertainty, investors are hedging against market volatility. Key inflation and payroll data from the U.S. this week could reveal the Federal Reserve’s next move on interest rates. Lower rates are typically bullish for gold, which doesn’t yield interest but shines in low-rate environments.
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Ongoing conflicts in the Middle East and Ukraine are driving a surge in safe-haven demand, making gold an attractive choice for cautious investors. Gold has surged nearly 30% this year, rewarding investors handsomely and signaling strong market support for bullion as a valuable asset in uncertain times. The market awaits earnings reports from major gold miners, including Agnico Eagle Mines Ltd., the world’s third-largest producer, which could offer fresh insights into gold’s outlook.
Alongside gold, palladium, platinum, and silver are also seeing gains. Despite a stronger U.S. dollar and rising Treasury yields, these metals continue their upward momentum.
