South Korea’s KOSPI Plunges as Apple Price Hikes and OpenAI IPO Delay Shake AI Chip Stocks 
Asian Stocks Slip as US-Iran Ceasefire Hopes Lift Oil, Dollar Strength Persists 
Bank Regulation Rollbacks in the U.S. and UK Could Increase Financial Risks, Study Warns 
US Dollar Slips After PCE Inflation Data Eases Fed Rate Hike Expectations 
Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
China Factory PMI Seen Returning to Growth in June as AI Export Demand Supports Economy 
SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
Gold Price Falls as Fed Rate Hike Fears and U.S.-Iran Tensions Weigh on Bullion 
Asian Currencies Stay Range-Bound as Investors Eye China Data, RBNZ Outlook and U.S.-Iran Ceasefire 
Oil Prices Rise as US-Iran Tensions Threaten Strait of Hormuz Oil Shipments 
US Dollar Slips After PCE Inflation Data as Fed Rate Hike Expectations Stay Elevated 
World Bank Approves $1.1 Billion Emergency Funding for Bangladesh Amid Food and Energy Price Pressures 
Oil Prices Rebound as Strait of Hormuz Tensions Return After Ship Attack Near Oman 
Gold Prices Rise Above $4,000 as Inflation Data and Weaker Dollar Boost Demand 
Wall Street Ends Mixed as Micron Surges, Apple Drops After Price Hikes 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
Gold Prices Rise on Election and Fed Anticipation
Gold prices experienced an uptick during Asian trading on Monday, staying close to record highs as uncertainty looms over the U.S. presidential election and an approaching Federal Reserve meeting heightened haven demand.
Weak Dollar Fuels Gold Demand
The yellow metal gained support from a weakening dollar, which fell after last week's unexpectedly weak nonfarm payrolls data. This economic news strengthens the case for potential interest rate cuts by the Fed. Although gold had faced some profit-taking towards the end of October, it remains buoyed by these market conditions.
As of 23:56 ET (04:56 GMT), spot gold rose 0.2% to $2,741.31 per ounce, while December gold futures steadied at $2,750.40 per ounce.
Election Landscape: Trump vs. Harris
With the election fast approaching, recent polls indicate a tight race between Donald Trump and Kamala Harris. Key battleground states are expected to play a pivotal role in determining the election's outcome. Notably, Harris enjoys significant support among female voters, while Trump has a strong following among young white men.
Impact of Economic Data on Gold
In addition to election-driven demand, the soft payrolls data released last week points to a cooling U.S. job market, suggesting the Fed may consider a 25 basis point rate cut in their upcoming meeting. Lower interest rates typically enhance gold’s appeal as a non-yielding asset.
Other precious metals also saw gains, with platinum futures increasing by 0.4% to $1,006.75 per ounce and silver futures climbing 0.3% to $32.77 per ounce. Industrial metals like copper also rose, reflecting broader market optimism ahead of China's National People's Congress meeting, which may unveil plans for increased fiscal spending.
