While stock markets struggle for direction, gold prices continue to make new highs, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
Sparse calendar keeps risk appetite in check
“US earnings season has entered one of those odd fallow periods that sees still-young reporting period in a lull, bereft of major names. Combined with an equally-empty calendar, this means that markets have struggled to make much headway in today’s session. Without such news to distract them, thoughts have turned back to the Middle East situation, leading to investors switching to risk-off mode.”
Gold prices clock up another high
“Today’s gains have taken gold to its third-consecutive record high. Geopolitical worries and rising expectations of a Trump win in November continue to boost the commodity, which enjoyed one of its best years in recent memory. Oil prices are up too, but after brutal losses over the past two weeks, suggesting this is more like profit-taking than anything else.”
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