U.S. stocks climbed to a record high Monday, fueled by gains in technology shares as investors positioned themselves ahead of key earnings reports from artificial intelligence companies. The yen rebounded, snapping an eight-day losing streak, while gold prices declined amid progress in U.S.-china trade relations.
The rally underscores continued investor optimism regarding the tech sector’s growth potential, especially in the AI space. This comes as the U.S. Federal Open Market Committee (FOMC) is widely anticipated to announce a 0.25 percentage point interest rate cut at its meeting on October 29th – a move generally considered positive for gold, which doesn’t yield interest.However, gold’s recent dip reflects diminished safe-haven demand following positive developments in trade talks.
As of 3:29 pm New York time, spot gold was trading at $3,947.67 per ounce, down $34.54 (0.9%) from the previous day.December gold futures on the New York Mercantile Exchange (COMEX) fell $36.60, or 0.9%, to $3,983.10. The Bank of Korea is reportedly considering increasing its gold bullion purchases in the medium to long term, marking a potential shift after more than a decade of inactivity, according to attendees at a meeting held in Japan by the London Bullion Market Association (LBMA).
Elsewhere, U.S. Treasury yields were mixed following lukewarm demand for seven-year notes. Oil prices also fell as traders focused on a global supply glut following a recent rally spurred by sanctions.
