Asian Stocks Mixed as AI Chip Rally Meets Oil Surge 
China Exports Surge 25% in August as Trade Surplus Hits $119 Billion 
China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
Asian Stocks Fall as Oil Tops $100, Yields Rise 
German Inflation Accelerates to 2.9% in August 
South Korea GDP Surges on Chip and AI Boom 
U.S. Stock Futures Steady as Oil Tops $100 Ahead of Inflation Data 
Norway Core Inflation Rises to 3% in August 
Fitch Eyes Japan Budget for Fiscal Discipline 
Asian Currencies Steady as Yen Holds Firm, Oil Tops $100 
Iraq Seeks 6 Million Bpd OPEC+ Oil Quota 
Asian Stocks Mixed as Korean Chipmakers Rally 
ECB Rate Hike in Focus as Oil Tops $100 
Gold Prices Rise as Yen Rally Weakens Dollar 
Gold Prices Steady Ahead of U.S. Inflation Data and Fed Decision 
Iran Threatens Gulf Energy Assets as U.S. Tensions Escalate 
Oil Prices Rally as Brent Nears $100 on U.S.-Iran Escalation 
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Gold Prices Slide as Trump’s Victory Weighs on Bullion
Gold prices saw further declines in Asian trading on Monday, extending losses from the previous week. The drop followed a surge in risk appetite after Donald Trump’s victory in the 2024 U.S. presidential election.
Dollar Strength and Inflation Concerns Pressure Gold
Spot gold fell 0.5% to $2,670.69 an ounce, while December gold futures decreased 0.1% to $2,677.50 an ounce by 23:35 ET. The U.S. dollar remained strong, adding pressure on gold prices, which are often inversely correlated with the greenback. Investor attention is now focused on U.S. inflation data and Federal Reserve cues expected later this week, which could signal the direction of long-term interest rates. The prospect of prolonged high rates under Trump’s administration has further weighed on gold.
Trump’s Economic Policies and Gold's Decline
Trump’s victory has cleared a major point of market uncertainty, reducing gold's appeal as a safe-haven asset. Market participants are now bracing for potentially more inflationary policies, which could keep interest rates elevated for the foreseeable future. This outlook has dampened gold’s appeal, even as the Fed recently cut interest rates by 25 basis points.
Mixed Trends in Precious Metals
While gold faced downward pressure, other precious metals saw mixed performance. Platinum rose 0.4% to $983.05 an ounce, while silver fell 0.5% to $31.293 an ounce.
Copper Prices Stabilize Amid Underwhelming China Stimulus
Copper prices steadied after disappointing fiscal measures from China, the world's largest copper importer. Copper futures saw modest gains on the London Metal Exchange but remained vulnerable due to investor concerns over the effectiveness of China’s stimulus plan.
For further reading, you can check out the following sources:
- Gold prices drop on Trump’s win as risk appetite rises
- U.S. dollar strengthens, affecting commodity markets
- China’s economic measures fail to meet investor expectation
