🌅 Your Morning Gold Update: FOMC Meeting Round the Corner🌅

It's Tuesday 31st October 2023, and here is your next gold news update.

🥇Gold remains stable...

...and it' shining just above the $1,990/toz. Major central bank meetings loom large on the horizon, with investors keeping a watchful eye. Meanwhile, geopolitical tensions escalate, further solidifying gold's status as a safe-haven.

🏦 Central Banks in the Limelight 🏦

• 🇺🇸 The Federal Reserve is all set to unveil its interest rate decision tomorrow. The consensus is that rates will likely remain steady.
• 🇬🇧 Bank of England is also expected to keep its rates unchanged this Thursday, considering both inflationary pressures and looming recession fears.
• 🇯🇵 Bank of Japan continues with its ultra-loose monetary approach, with recent modifications to its yield curve control policy. JPY slides to 15-year low.

🌍 Global Affairs Influencing Gold 🌍

• 🔥 The Middle East sees rising geopolitical tensions, driving the demand for gold as a safe haven.
• 📈 Gold is on track to record an approx. 10% rise this month.

📊 What's Moving the Markets📊

• 📈 U.S. Stock Market Movement: U.S. stock futures present a mixed picture. While the Dow and S&P 500 futures are on the rise, Nasdaq remains unchanged.
• 🏦 Federal Reserve's Upcoming Decision: The FOMC meeting is set to commence, with the focus on Fed Chair Jerome Powell's remarks on the interest rate trajectory.
• 📊 Corporate Earnings: Caterpillar and Pfizer are set to announce their quarterly earnings today. Other notable reports include Advanced Micro Devices and Caesars Entertainment.
• 🇨🇳 Chinese Economic Indicators: A contraction in China's manufacturing activity is observed, with a PMI of 49.5.
• 🛢️ Global Oil Market Trends: Oil prices have seen a slight uptick, with concerns about the Middle East impacting prices. The World Bank warns that the ongoing conflicts between Israel-Hamas and Russia-Ukraine could cause major energy problems worldwide. These fights have already made oil prices go up by 6% and messed with the usual trade of goods. The World Bank's main economist, Indermit Gill, says this is the biggest energy problem since the 1970s.

🔮 Data Coming Out Today 🔮

• NBS Manufacturing PMI (China): Recent data shows a contraction with a PMI of 49.5.
• BoJ Interest Rate Decision (Japan): The rate remains unchanged at -0.1%.
• GDP Growth Rate (France): Preliminary Q3 data indicates a growth rate of 0.1% QoQ and 0.7% YoY.
• Inflation Rate (France): The YoY inflation rate for October is at 4%.
• GDP Growth Rate (Euro Area): Q3 data suggests a contraction of -0.1% QoQ and a growth of 0.1% YoY.
• Inflation Rate (Euro Area): October's YoY inflation rate is expected to be around 2.9%.

These key indicators provide insights into the economic health of nations and can influence the price of gold. For instance, if central banks keep rates steady, it may boost gold as lower interest rates often make non-yielding gold more attractive. Conversely, positive economic indicators might lead to a stronger currency, making gold more expensive for foreign buyers, potentially dampening demand.

Have a great day!

DISCLAIMER: Please, note that the information provided in this personal post is a summary of news about gold, aggregated from multiple online sources. It is intended for informational purposes only and should not be construed as investment advice. Always consult with a qualified financial advisor before making any investment decisions. The post image has been sourced from Unsplash and is subject to Unsplash licence.