[MARKET ANALYSIS] Spot gold retreats from Monday's best as USD strength weighs
Newsquawk Staff ·
- In the precious metals space, spot gold has eroded some of Monday's upside, hovering just below the USD 5,200/oz mark, with recent USD strength weighing. XAU and XAG trade in the lower ranges of USD 5135.135-5250.005/oz and 84.785-88.756/oz, respectively.
- Elsewhere in the precious metal space, UBS reported that gold may surge to USD 6,200/oz in the near future, outlining that factors fuelling the recent rally remain intact. Primarily, ongoing geopolitical concerns between the US and Iran and equity/AI uncertainty.
- Note, Shanghai Gold Exchange said it will cut its margin ratio and price limits for some gold and silver contracts as of the closing settlement on the 24th of February.
- Copper prices have picked up, coinciding with its largest buyer, China, returning to the market after the holiday period. As such, the red metal trades above the USD 13k/t mark. That aside, there hasn’t been much newsflow regarding the red metal. Currently, 3M LME copper trades in the upper range of USD 13.005-13.061k/t.
- Al-Mayadeen correspondent in Iran says Iranian officials believe that Trump wants to bring the nuclear issue into the negotiations, which Iran rejects
- Ukrainian President Zelensky says negotiations between Ukraine, Russia and the US could take place as early as November 10th
- US Midterms (6 days out): Florida flips to a Republican early-vote lead and Kansas narrows further; Crystal Ball shifts House and Senate races towards Democrats
- Israeli election results show Netanyahu's bloc with 53 seats, Eisenkot's bloc with 47 and Arab parties with 19, following the counting of all votes excluding double-envelope ballots, i24 reports
- Atomic Energy Organization of Iran Spokesman says protocol for building small reactors with Russia is being finalized
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