Gold prices climb to highest since September

Gold prices rose to their highest level since September, as the US Dollar slipped in today’s trading session.

Both GBPUSD and EURUSD were lower to end the week, as markets expected the Federal Reserve to hold firm on its rate hike stance.

It is expected that the Bank of England will raise rates next month, with the European Central Bank also coming under pressure to do the same.

Despite other major banks on the cusp of hikes, the Fed could continue to monitor inflation rates, and potentially act next year.

XAUUSD rose to an intraday high of $1,813, its highest price since September 7th, however it slipped during the session, and now trades at $1,793.

S&P 500 and Dow Jones rally to new high 

The S&P 500 and Dow Jones both rallied to new highs on Friday, as Q3 earnings season continued to provide better than expected returns.

So far this week, Netflix, and Tesla stole the majority of the headlines, with both parties reporting that Q3 earnings have risen beyond forecasts, boosting stock prices  in the companies as a result.

In addition to this, index markets were also boosted by the news that business activity within the services sector rose to its highest level in 3-months.

Figures from the IHS Markit U.S. services PMI rose to 58.2 in October, from 54.9 a last month.

As of writing, the S&P 500 was trading 0.21% lower, after hitting a high earlier in the session.

 

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