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Shares of U.S. rare earth miners rallied in premarket trade on Tuesday, extending sharp gains from the previous session.

• Prior -76.4
• Economic sentiment 39.3 vs 41.0 expected
• Prior 37.3

This article was written by Justin Low at investinglive.com.

As gold continues to hold at fresh record highs amid the sudden shifts in broader market sentiment, one can reasonably expect a lot more volatility spikes on profit-taking and dip buying among other things. And that’s what we’re seeing today. In early European trading, we saw gold fall off from a high of $4,179 to $4,090 in just a little over an hour. That before rising back up now to be up 0.6% on the day at $4,139:

Meanwhile, silver has also bounced back modestly and is down just 0.7% on the day to $51.95. That after falling to a low of $50.93 with the high having touched $53.62 earlier in the day.

At some point, a much more significant correction will beckon for both gold and silver. But for now at least, dip buyers are still showing that they have some appetite left in them.

This article was written by Justin Low at investinglive.com.

Silver price (XAG/USD) maintains its position after retreating from a fresh record high of $53.77, currently trading around $52.40 per troy ounce during the European hours on Tuesday.

This morning’s UK jobs report was mildly dovish. Private sector wage growth, a key BoE metric, undershot expectations, falling to 4.4% YoY, ING’s FX analyst Francesco Pesole notes.

The New Zealand Dollar is heading south against the USD for the sixth consecutive day on Tuesday. The pair extended losses below the 0.5700 line, weighed by the simmering trade tensions between the US and China, to hit fresh five-month lows at 0.5684.

Oil prices are trading almost flat this morning, with the market focused on Friday’s Trump-Putin meeting. OPEC’s expectations of increasing output to ease a supply shortfall next year further weighed on prices, ING’s commodity experts Ewa Manthey and Warren Patterson note.

Following the US President’s announcement on Monday night of a de-escalation in the tariff conflict with China, it was no surprise that the USD was able to recoup its losses from Friday. For weeks, we have been discussing when EUR-USD will finally break through the 1.18 level on a sustained basis.

Unless major USD-negative news comes from the US (macro or tariffs), we doubt the euro will stage any idiosyncratic rebound before getting any clarity on French politics, ING’s FX analyst Francesco Pesole notes.

Gold (XAU/USD) reverses an intraday slide to levels below the $4,100 mark and trades with positive bias during the first half of the European session, though it remains below the all-time peak touched earlier this Tuesday amid mixed fundamental cues.