Precious metals hit another record high – ING

FXStreet Insights Team FXStreet

Gold and Silver hit another record high this morning, topping the all-time peak set just yesterday, with spot prices jumping to $4,379.93/oz and $54.4/0z, respectively, ING's commodity experts Ewa Manthey and Warren Patterson note.

Prices up by more than 65% and 80% YTD

"The rally is driven by concerns over economic credit quality, expectations of continued Fed easing, and escalating US-China trade tensions. Two regional banks disclosed loan issues tied to alleged fraud, raising fears about weakening borrower credit, boosting safe-haven demand."

"Meanwhile, traders are increasing their bets on a jumbo US rate cut by year-end, while Fed Chair Powell signaled another quarter-point reduction is likely to happen this month. Additionally, the US government shutdown has delayed key economic data releases, but once resolved, a surge of information could reveal signs of weakness, supporting further rate cuts."

"Gold and Silver are one of the best-performing commodities this year, with prices up by more than 65% and 80% YTD, respectively, supported by central bank purchases, strong ETF inflows, rising demand for safe-haven assets amid geopolitical tensions and concerns over the Fed’s independence."

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

AUD/USD sticks to positive bias above 0.7100; lacks bullish conviction

AUD/USD trades with a positive bias for the second straight day, holding above 0.7100 in the Asian session on Friday as softer US bond yields keep US Dollar bulls on the back foot. Furthermore, hawkish RBA Governor Bullock's comments boost rate hike bets and support the Aussie. However, the Fed's hawkish outlook, along with geopolitical uncertainties, limits USD losses and caps the pair.

USD/JPY approaches 158.00 as Japanese Yen resumes decline

USD/JPY is resuming its upside in the European session on Friday, refreshing two-week highs and nearing 158.00. The Japanese Yen extends losses, despite the Bank of Japan's (BoJ) expected rate hike to 1.25% and hawkish Governor Ueda's comments, as two surprise dissents against the rate hike weigh on it.

Gold keeps the bid tone in place; still below $4,400

Gold adds to the optimism seen in the second half of the week, trading with decent gains just below the $4,400 mark per troy ounce on Friday. The precious metal’s advance finds traction in declining crude oil prices and fresh selling pressure on the US Dollar.

Why altcoin season isn't coming back — and what stole its capital

If, after two years of being frozen in ice, Katara and Sokka woke you up to the crypto market, it would seem like 100 years have passed. With Bitcoin soaring to record highs just over a year ago, everyone expected a routine altcoin season, where investors take profits from the top crypto to chase higher returns in altcoins.

BoJ Recap: Not as hawkish as expected

The BoJ raised its short-term interest-rate target to 1.25% from 1.00% in a 7-2 vote, marking another step in the normalisation of monetary policy and widely matching what everyone has been expecting for weeks. Governor Kazuo Ueda said the policy phase had changed.

BoJ Recap: Not as hawkish as expected

The Bank of Japan (BoJ) raised its short-term interest-rate target to 1.25% from 1.00% in a 7-2 vote, marking another step in the normalisation of monetary policy and widely matching what everyone has been expecting for weeks.