News

Silver (XAG/USD) surges to unprecedented levels on Monday, extending its rally for a ninth consecutive week. The metal trades around $51.55 at the time of writing, up over 3% on the day, after reaching a new all-time high at $52.07 earlier in the day.

The Pound Sterling (GBP) slides on Monday during the North American session, down 0.18% as tensions between the US and China ease, following last Friday’s escalation, which prompted investors to buy safety assets.

The Euro (EUR) trades on the back foot against the US Dollar (USD) on Monday as renewed political uncertainty in France weighs on sentiment, while the Greenback regains ground after a brief de-escalation in US-China trade tensions calmed market nerves.

Ukraine’s Zelensky will meet with Trump in Washington on Friday. A discussion would be Zelensky’s vision on Tomahawk missiles needed in its war with Russia.

• Plans to meet with US energy and arms companies during the Washington.
• Urges allies to move faster using Russian frozen assets for Ukraine.

This article was written by Greg Michalowski at investinglive.com.

Retirement plan investors seemed to flee to asset classes that felt safer — but may not be in the long run.

Gold price continues to print record highs, and it passed the $4,100 milestone on Monday during the North American session, as the US-China trade war escalated last week, boosting the safe-haven appeal of Bullion. XAU/USD trades at $4,095, up nearly 2% at the time of writing.

Risk proxies come under pressure while safe-haven proxies were better bid into NY close last Friday following the unexpected twist in US-China relations, from Friday into the weekend.

Euro (EUR) found bids as French political situation saw another twist and turn while the unexpected flare-up in US-China relations weighed on US Dollar (USD). EUR last seen at 1.1570 levels, OCBC’s FX analysts Frances Cheung and Christopher Wong note.

President Donald Trump on Friday threatened China with a “massive” increase in tariffs in retaliation for Beijing imposing strict controls on rare earths.

The major European stock indices are closing the day marginally higher led by the German DAX with a gain of 0.55%. A snapshot of the closing levels shows:

• German DAX +0.55%
• France’s CAC, +0.07%
• UK’s FTSE 100, +0.18%
• Spain’s Ibex, +0.40%
• Italy’s FTSE, +0.14%

As London/European traders look to end the trading day, the major US indices are also higher helped by the return of hostages and cease-fire in Israel.

• Dow industrial average is up 620 points or 1.36% at 46100
• S&P index is up 99.97 points or 1.53% at 6652.73
• NASDAQ index is up 439 points or 1.90% to 22643.16

The US debt market is closed today in observance of Columbus Day.

In other markets:

• Crude oil is higher by $0.81 and $59.70
• Gold traded to a new high at $4103.02. It is currently trading up $78 or 1.95% at $4096.30
• Silver also reached a new all-time high and is trading up $1.43 or 2.81% and $51.55.
• Bitcon does not have the alternative investment bid. It is currently trading down $600 at $114,480

This article was written by Greg Michalowski at investinglive.com.