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November 15th - Stephen Innes, Managing Partner of SPI Asset Management, stated that with the US government reopening, a backlog of important data will be released, including employment and inflation indicators, which the market expects to be weak. Weaker US data could depress US Treasury yields, reigniting market expectations for an interest rate cut in early 2026 and providing room for a rebound in gold prices, which have been squeezed by rising real yields. The recent pullback in gold prices appears more like position adjustments than a trend reversal. The outlook for gold remains positive, and investors will closely watch US real yields, a weaker dollar, and upcoming data. If the data points to a cooling US economy, gold could rebound next week.November 15th - According to the Financial Times, Apple (AAPL.O) is accelerating its succession planning, preparing for Tim Cook to potentially step down as CEO as early as next year. Multiple sources familiar with internal discussions revealed that Apples board and senior management have recently expedited preparations to welcome Cooks departure. John Ternus, Apples senior vice president of hardware engineering, is widely considered Cooks most likely successor, but a final decision has not yet been made. Sources close to Apple indicate that this long-awaited transition is not due to the companys current performance, as Apples iPhone sales season at the end of this year is expected to be very strong. If a successor is announced early next year, the new leadership team will have time to establish themselves before Apples key annual events, including the Worldwide Developers Conference (WWDC) in June and the iPhone launch event in September.According to the Financial Times, Apple (AAPL.O) is preparing for Tim Cook to step down as CEO as early as next year, with John Ternus, the companys senior vice president of hardware engineering, widely considered the most likely successor.According to the Financial Times, Apple (AAPL.O) is stepping up its planning for a successor to CEO Tim Cook.On November 15th, the European Parliament adopted its position paper on amendments to the European Climate Law on the 13th, supporting the addition of a legally binding 2040 mid-term climate target to the existing EU climate law. The position paper requires the EU to reduce net greenhouse gas emissions by 90% from 1990 levels by 2040, while also supporting the European Commissions proposal to introduce flexibility in achieving the target. The European Parliament stated its support for member states to offset emissions reductions of up to 5% of their 1990 emissions by purchasing international carbon credits from other partner countries starting in 2036. The European Parliament also advocated for incorporating permanent carbon removal into the EU Emissions Trading System, in addition to existing reduction methods, to offset some emissions that are difficult to reduce.

Fed Statements Restrict Gold Price Increases After A Fall

Haiden Holmes

Nov 22, 2022 14:55

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On Tuesday, gold prices rose, but remained at two-week lows as hawkish comments from some Federal Reserve members strengthened the dollar, while platinum prices jumped in anticipation of a potential supply shortage next year.


On Monday, metal markets fell in tandem with other asset classes as investors panicked about the possibility of a worldwide recession caused by increasing interest rates. Moreover, fears over future COVID-related restrictions reduced mood. However, this allowed for the discounted purchase of certain metals.


Spot gold jumped 0.3% to $1,740.98 per ounce around 20:25 E.T., while gold futures advanced 0.1% to $1,742.50 per ounce (01:25 GMT). Monday showed a roughly 0.8% decrease for both assets.


Monday, Mary Daly, president of the Federal Reserve Bank of San Francisco, noted that there was more work to be done to tighten monetary policy and decrease inflation, and that the real-world impact of recent rate rises will likely be more than implied by the short-term target rate.


Loretta Mester, president of the Federal Reserve Bank of Cleveland, has suggested that she supports a smaller rate hike in December, in keeping with market expectations for a 50 basis point basis point increase.


However, both Fed governors indicated that future rate increases will be substantially dependent on U.S. economic data, particularly the inflation trajectory.


As the prospective cost of holding non-yielding assets surged this year, a series of sudden interest rate rises had a disproportionately negative effect on metal markets.


In recent weeks, as markets have braced for a smaller rate rise in December, gold's 2017 losses have been significantly reduced. However, given that inflation is far above the Fed's 2% target, investors are also assessing the possibility that the central bank may continue to hike interest rates for a much longer amount of time than expected.


This situation is negative for gold and the whole metals market. The release of the Federal Reserve's November meeting minutes on Thursday will give fresh insight into U.S. monetary policy.


After the World Platinum Investment Council declared on Tuesday that it expected a shortage of the metal in 2023, the price of platinum futures rose by around 1 percent.


The valuable metal serves a variety of purposes, including automotive exhausts, industrial applications, and jewelry.


Among industrial metals, copper prices rose on Tuesday, following recent severe losses.


Tuesday's 0.8% climb to $3.6075 per pound in copper futures followed Monday's 1.6% fall. New COVID lockdowns in China have significantly lowered the outlook for the red metal, which is anticipated to weigh on demand.

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