Share:

There isn’t much optimism in stock markets this afternoon, but gold is having a better day of it, says Chris Beauchamp, chief market analyst at online trading platform IG.

Stocks struggle to hold their ground

“While the banking crisis seems to have subsided, stocks have been unable to find a reason to push higher this afternoon. The return of recession fears further dims the appeal of equities, and with tech stocks down sharply this afternoon it looks like there isn’t much chance of further upside for now.”

Gold stages a recovery

“But those same recession fears, plus the weaker dollar, have provided a space for gold to rally, reversing some of its losses. The market continues to think the Fed is closer to capitulating on rate hikes than it was a month ago, providing a reason for gold to make another push at breaking $2000.”

Share: Feed news

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

GBP/USD battles 1.2300 ahead of BoE interest rate decision

GBP/USD battles 1.2300 ahead of BoE interest rate decision

GBP/USD is battling 1.2300, refreshing a five-month low.in European trading on Thursday. The pair is weighed by the Fed's hawkish stance and increased odds of a BoE rate hike pause, following a surprise fall in UK inflation and SNB's unexpected rates-on-hold decision.

GBP/USD News

EUR/USD keeps losses below 1.0650 amid firmer US Dollar

EUR/USD keeps losses below 1.0650 amid firmer US Dollar

EUR/USD is trading close to weekly lows below 1.0650 in the early European morning on Thursday.  The Fed, as expected, kept rates unchanged but indicated that one more rate hike before the year-end could be appropriate. US yields surges to multi-year highs, driving the US Dollar higher. 

EUR/USD News

Gold remains steady around $1,930, focus on US data

Gold remains steady around $1,930, focus on US data

Gold price hovers around $1,930 during the early trading hours of the European session on Thursday. Investors seem to shift their focus on upcoming US data after the US Federal Reserve's decision on policy rates.

Gold News

Solana price sustains recovery rally despite falling daily active addresses

Solana price sustains recovery rally despite falling daily active addresses

Sol shows strong bullish momentum, which has seen the ETH killer break out from a descending parallel channel. The daily active addresses on-chain metric fails to mirror this optimism.

Read more

SNB unexpectedly leaves Deposit Rate unchanged at 1.75%

SNB unexpectedly leaves Deposit Rate unchanged at 1.75%

At its quarterly monetary policy assessment on September 21, the SNB kept the benchmark Sight Deposit Rate on hold at  1.75%. The rate decision was against the market expectations of a 25 basis points (bps) rate hike to 2.0%.

Read more

Majors

Cryptocurrencies

Signatures