Gold, oil prices up as US consumer spending increases, Amazon sinks as Q1 earnings miss expectations [Video]

Eliman Dambell Sayvio AI

Gold, oil prices up as U.S. consumer spending increases

Gold and oil prices were trading higher on Friday, as data showed that consumer spreading had increased.

Figures from the Commerce Department revealed that spending surged by 1.1% in March, despite record inflationary pressures.

Consumer spending currently accounts for more than two-thirds of economic activity in the United States.

Despite this news, many still expect Jerome Powell and the Fed to opt to hike rates during next week’s meeting.

As of writing, XAUUSD is trading at $1,910 following a $22 increase, whilst WTI crude hit a one week highs of $107 per barrel.

Amazon stock sinks, as Q1 earnings miss expectations

Shares in Amazon were down by over 10% on Friday, as markets reacted to the company’s disappointing Q1 earnings report.

The company held its earnings call after yesterday’s closing bell, and it was announced that some headline figures missed expectations.

Amazon reported earnings of $7.38 per share, which fell well below expectations of $8.36 per share.

This comes as advertising income also disappointed, coming in at $7.88 billion vs. $8.17 billion expected.

Overall revenue however came in marginally above expectations, at $116.44 billion vs. $116.3 billion expected.

Visit here to see raw, real-time ECN spreads

Author

Eliman Dambell

Sayvio AI

With over a decade in financial markets, Eliman brings an experienced and diversified point of view to market analysis. He covers current and historical macro trends to give insights on Metals, FX, Stocks, and Crypto.

AUD/USD bulls seem hesitant below 0.7050 ahead of RBA on Tuesday

AUD/USD reverses an Asian session dip on Monday as renewed optimism over Iran diplomacy boosts investor confidence, keeping a lid on the safe-haven US Dollar and supporting the risk-sensitive Aussie. Spot prices, however, remain below the one-month high, touched last Thursday, as bulls wait for the crucial RBA decision before taking fresh positions.

USD/JPY climbs to 158.00 neighborhood as BoJ uncertainty weighs on the JPY

The USD/JPY pair gains some positive traction at the start of a new week, recovering further from Friday's post-Bank of Japan (BoJ) swing low to sub-157.00 levels. The momentum lifts spot prices to the 158.00 neighborhood during the Asian session and seems unaffected by fresh intervention warning from Japan's Finance Minister Satsuki Katayama.

Gold recovers on positive US-Iran headlines

Gold extends its recovery during American trading hours on Monday, supported by falling Oil prices following positive headlines on US-Iran talks. The metal regains ground after hitting a fresh yearly low of $3,870 on Friday and ending October down 6.87%. However, the rebound lacks conviction as the fundamental backdrop continues to raise doubts over a sustained recovery.

Bitcoin braces for US midterm elections as historical sell-offs revive downside concerns

Bitcoin (BTC) braces for the impact of the US midterm elections, just a week after the $6 billion hack from Binance. Historically, congressional elections have negatively affected not just the president’s party but also Bitcoin. In the last 22 midterms, the ruling party has gained House seats only twice, while the three most recent elections coincided with Bitcoin’s bear market bottoms.

Why strong US growth could not stop the bond rally and AI selloff

The US economy grew at a 3.4% annual rate, yet Treasury yields fell and the Nasdaq ended October with its worst monthly performance since March 2025. The market is no longer rewarding capital expenditure simply because it supports growth. Investors are testing whether that expenditure can produce cash flow and returns above the cost of capital.

The 2% inflation target came from a throwaway remark. It now moves trillions

The Federal Reserve's 2% inflation goal grew out of an off-the-cuff remark by a New Zealand politician in 1988. Bond investors still price long-term US debt as if 2% holds, so a change in how the Fed measures inflation would move markets.