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1119 GMT – Gold prices remain supported by persistent geopolitical tensions despite broader uncertainty about the Federal Reserve’s next policy move, says Kudotrade’s Konstantinos Chrysikos. “The geopolitical backdrop is still dominated by instability in the Middle East and renewed tensions in Eastern Europe,” he says. “While diplomatic channels continue to explore the contours of a potential Russia-Ukraine agreement, meaningful progress remains elusive.” Meanwhile, investment demand is also showing signs of resilience with gold-backed ETF inflows driven by strong demand in Asia, according to Chrysikos. Investors’ focus is now on the release of delayed U.S. economic data, which is expected to offer clearer insights into labor market trends and inflation pressures as the Fed nears its final policy meeting of the year. Gold futures rise 0.9% to $4,131.30 a troy ounce in afternoon trading. ([email protected])
Copper Rises on Rate-Cut Bets, Supply Tightness Signals
1109 GMT – Copper prices rise in afternoon trading, buoyed by renewed expectations of further U.S. interest-rate cuts this year and signs of tightening supply. Futures on the London Metal Exchange gain 0.5% to $10,835 a metric ton and are up 1.3% on week. Dovish comments from some Federal Reserve governors have pushed traders to increase their bets on a December rate cut, while the Chilean mining authority’s decision to raise its copper price forecast for this year and next provided additional support. Meanwhile, “LME futures are in backwardation, suggesting tighter near term supply dynamics, with prices expected to ease in the longer term,” analysts at RBC Capital Markets say. Backwardation occurs when spot prices are higher than futures prices. ([email protected])
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