Gold struggled to capitalize on its attempted intraday recovery move. Hawkish Fed/BoE, rising bond yields acted as a headwind for the metal. Resurgent USD demand exerted additional pressure on the commodity.
PBoC bans crypto trading activities and a plethora of associated services, labeling it “illegal.” Overseas cryptocurrency exchanges providing services to Chinese residents will be investigated in accordance with the law.
As Q3 winds down and Q4 begins, the broad investment climate is being shaped by the turning of the monetary cycle. Norway was the first, and New Zealand will be next. It is not so much that these moves will force others to do the same.