It was the second consecutive quarter-on-quarter rise but it is still too early to sound the all-clear, VDP said. Prices may move sideways in the coming quarters, and further setbacks are possible given a weak economy and geopolitical risks.
A summary of opinions from the Bank of Japan’s October policy meeting showed some members were unsure on when to raise rates again given market volatility, dimming the chance of a hike in December.
The yellow metal was also pressured by strength in the dollar, as the greenback steadied before more cues on U.S. inflation and the Federal Reserve this week. An outlook for higher rates in the long term, under a Trump presidency, also weighed on bullion prices.
This notion was the biggest driver of recent crypto gains, as traders bet that the Securities and Exchange Commission will have to soften its stance against the industry. Markets also bet that the industry will gain more legitimacy as an investment vehicle.
Crude oil for December delivery was down 0.03% or 0.02 to $70.36 a barrel. Elsewhere in commodities trading, Brent oil for delivery in January rose 0.09% or 0.07 to hit $73.94 a barrel, while the December Gold Futures contract fell 0.55% or 14.90 to trade at $2,679.90 a troy ounce.
China’s new yuan loans are expected to fall sharply in October from September, a Reuters poll showed on Friday, signalling weak credit demand even as the central bank ramps up policy stimulus to buttress the economy.
Regional currencies recouped a bulk of their weekly losses after the Fed’s move, with some even turning positive for the week. The dollar, on the other hand, tumbled from four-month highs, with some traders also locking in recent gains.
Oil prices fell slightly on Friday as the risk that a hurricane in the Gulf of Mexico will significantly affect U.S. oil and gas output declined, while the market weighs how President-elect Donald Trump’s policies might affect supplies.
Bitcoin rose on Friday and remained close to record highs hit this week as a Donald Trump victory in the 2024 presidential election and an interest rate cut by the Federal Reserve kept crypto markets upbeat.
European stock markets edged lower Friday, as investors digested a volatile week that has included political turmoil, key central bank decisions as well as more corporate earnings.
