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Financial Analyst/Content Writer, RADEX MARKETS
Lawrence J. came from a strong technical and engineering background before pivoting into a more financial role later on in his career. Always interested in international finance, Lawrence is experienced in both traditional markets as well as the emerging crypto markets. He now serves as the financial writer for RADEX MARKETS.
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The slump in gold continued yesterday, with prices falling to $3,952 per ounce by the daily close. The precious metal showed a little more strength early this morning, but with the Trump-Xi meeting just around the corner, traders are understandably cautious. Silver prices on the other hand are showing a little more initiative, reaching back towards $48 an ounce.
South Korea is currently welcoming leaders from across the region for the Asia-Pacific Economic Cooperation (APEC) summit, which is set to begin on Friday. An important side show to the event will be the talks between the US and China, which represent the first real attempt at reconciliation between the two nations in months. Any progress at ending the trade war will further spoil the safe-haven trade, although it is unlikely that anything concrete will emerge this week. The summit follows a meeting between President Trump and newly-nominated Japanese Prime Minister Takaichi, during which the two parties signed a deal regarding, among other matters, rare-earth minerals. Japanese markets have stepped up a gear since the new PM took office, pushing the Nikkei 225 to fresh record highs. The index breached 51,000 points for the first time this morning and is already up 4% this week.
Softening trade relations may not be the best outcome for bullion prices, but on the other side of the equation, interest rates on the US dollar are firmly pointing downwards. We are mere hours away from the latest Federal Reserve decision, which is all but confirmed to lower rates to 4% from 4.25% currently. Given how strongly prediction markets are pricing in such a cut, it is hard to see today’s meeting shaking up markets to any significant degree. That is unless the Fed decides to hold rates, or indeed enact a double rate cut. Unlikely but not impossible.
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