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Gold prices are surging, nearing $2,790 per ounce, with a potential rise to $3,000 driven by geopolitical tensions and increased central bank purchases, particularly from BRICS nations. The market remains bullish, with upcoming US employment data and the presidential election likely to influence trends. Investors may secure profits at the $3,000 mark, possibly leading to a consolidation phase.
Kamala Harris and Donald Trump present starkly contrasting political positions in their presidential campaigns. Harris emphasizes economic support for the middle class, climate initiatives, and a balanced immigration policy, while Trump advocates for aggressive trade tariffs, energy independence, and a hardline stance on immigration. Their approaches to foreign policy also diverge significantly, with Harris supporting NATO and Ukraine, and Trump prioritizing an "America first" strategy, including skepticism towards international alliances.
Oil prices fell over 4% following Israel's limited military action against Iran, which is not expected to disrupt oil supplies. Analysts predict Brent crude will struggle to reach $80 per barrel due to oversupply and a reduced risk premium, while market focus shifts to potential Iranian retaliation and ongoing ceasefire talks involving Hamas and Hezbollah.
Oil prices fell sharply on Monday as Israel's recent strike on Iran did not disrupt energy supplies, alleviating geopolitical tensions in the Middle East. Meanwhile, the yen dropped significantly after Japan's ruling coalition lost its parliamentary majority, raising concerns about future rate hikes. In other news, Eli Lilly plans to launch its weight-loss drug, Mounjaro, in Hong Kong by year-end.
Israeli Prime Minister Netanyahu faced criticism from both his cabinet and opposition for the perceived weakness of recent attacks on Iran, with calls for more aggressive action. Despite attacking 20 military targets, Netanyahu emphasized coordination with the US, which has restricted strikes on Iran's nuclear and oil facilities. As tensions rise, Netanyahu's political maneuvering reflects the complexities of his relationship with the US and the ongoing security challenges in the region.
Gold prices have reached a record high above USD 2,758/oz, marking a 32% increase this year, driven by central bank easing, US election uncertainty, and ongoing geopolitical conflicts. With expectations of further Federal Reserve rate cuts and continued central bank diversification into gold, prices are projected to approach USD 2,850/oz by March 2025. Investors are advised to maintain a diversified portfolio with a 5% allocation to gold, leveraging its hedging qualities amid a declining interest rate environment.
As the U.S. election approaches, Bank of America emphasizes the importance of stock picking over index investing, noting that political outcomes could impact specific market sectors. Meanwhile, Scotiabank identifies three biotech firms poised for significant growth, while European markets are set for a mixed opening amid key earnings reports, including Deutsche Bank's return to profit. Crude oil prices have risen due to geopolitical tensions and China's rate cuts, while gold continues its rally, reaching record highs amid economic uncertainties.
Asia stocks are mostly rising following a Wall Street rally, with investors optimistic about lower interest rates as the U.S. Federal Reserve begins its easing cycle. The S&P 500 is up 24% year-to-date, while the "Magnificent Seven" tech stocks have seen significant gains. As the U.S. election approaches, Bank of America notes that political outcomes could impact specific market sectors, emphasizing the importance of stock selection over index investing. Meanwhile, crude oil prices have risen amid geopolitical tensions, despite a bearish supply-and-demand outlook. The IMF has lowered its global inflation projection, indicating a shift in focus for policymakers towards economic growth challenges.
At the Brics summit in Kazan, President Putin aims to showcase Russia's geopolitical relevance and foster a new world order devoid of Western dominance, despite ongoing sanctions from the Ukraine conflict. The summit, attended by over twenty heads of state, emphasizes Russia's role as a partner in a coalition that includes China, India, and other nations, while promoting initiatives like the proposed Brics Bridge payment system. However, the alliance's diverse interests and lack of clear objectives raise questions about its effectiveness as a counterweight to the West.
U.S. crude oil prices rose nearly 1%, with West Texas Intermediate reaching $71.22 per barrel, while Brent crude hit $74.85. The increase follows a previous decline, as traders reassess supply disruption risks amid Israel-Iran tensions and respond to weak demand in China, despite recent rate cuts by Beijing. Gasoline and natural gas prices also saw slight increases, with RBOB gasoline at $2.0342 per gallon and natural gas at $2.318 per thousand cubic feet. Year-to-date, crude oil and gasoline have both experienced slight declines.
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