China Agrees to Buy 20 Million Tons of U.S. Coal 
US Comfortable With Canada Trade Standoff as Import Bans Loom 
Germany’s 2026 Growth Outlook Strengthens on Fiscal Spending 
Canadian Dollar Faces Pressure as Fed-BoC Policy Gap Widens 
Japanese Yen Rebounds as Trump Flags Currency Weakness 
China Consumer Stocks Near Decade Lows as AI Shares Surge 
Dollar Falls as Oil Eases, Yen Jumps on Intervention Signals 
Asian Stocks Fall as Bond Yields Surge Ahead of Trump-Xi Summit 
U.S. Dollar Hits Two-Month High as Oil, Treasury Yields Surge 
Oil Prices Fall on U.S.-Iran Hormuz Deal Hopes 
Australia Unemployment Hits Five-Year High Despite Strong Jobs Growth 
UK PM Burnham to Unveil Economic Vision at Labour Conference 
Dollar Holds Near Two-Month High as Yen Approaches 160 
Gold Holds Near $4,275 as Rising Treasury Yields Fuel Fed Rate Hike Bets 
Japanese Bank Stocks Surge as Bond Yields Fuel Rate Hike Bets 
Oil Prices Jump 3% as Houthi Attack Revives Supply Fears 
Fed Unveils Stablecoin Rules Under GENIUS Act 
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Gold Prices Surge Amid U.S. Election Uncertainty
Gold prices increased on Tuesday, hovering near a record high reached the previous day due to ongoing uncertainties surrounding the U.S. election and escalating tensions in the Middle East. Spot gold rose by 0.5% to $2,732.44 per ounce, while U.S. gold futures climbed 0.3% to $2,746.20.
This precious metal, often viewed as a hedge against political and geopolitical instability, hit an all-time high of $2,740.37 on Monday, marking a more than 32% increase for the year. IG market strategist Yeap Jun Rong noted, “A confluence of tailwinds remains in place for gold,” including its appeal amidst U.S. election uncertainties and geopolitical risks, alongside robust central bank demand.
With the U.S. presidential election just over two weeks away, political figures like former President Donald Trump and Vice President Kamala Harris are locked in a competitive battle for key states. Recent developments, such as Israel's military actions against Hezbollah in Lebanon and Hamas in Gaza, have further fueled geopolitical tensions.
Traders anticipate an 89% probability of a 25-basis-point interest rate cut by the U.S. Federal Reserve in November, according to the CME FedWatch tool. Notably, gold's rally persists despite a stronger dollar and rising treasury yields, which recently hit a 12-week high.
In related markets, spot silver rose 0.9% to $34.05 per ounce, while Citi Research has revised its silver price forecast to $40 per ounce. Platinum and palladium also saw gains, rising 0.6% and 1.1%, respectively.
