China Urged to Prioritize Economy Over Territorial Ambitions, Says Taiwan’s President Lai 
BOJ Governor Ueda Highlights Uncertainty Over Future Interest Rate Hikes 
RBI Cuts Repo Rate to 5.25% as Inflation Cools and Growth Outlook Strengthens 
Asian Currencies Steady as Markets Await Fed Rate Decision; Indian Rupee Hits New Record Low 
Gold Prices Steady as Markets Await Key U.S. Data and Expected Fed Rate Cut 
Dollar Slides to Five-Week Low as Asian Stocks Struggle and Markets Bet on Fed Rate Cut 
Australia’s Economic Growth Slows in Q3 Despite Strong Investment Activity 
Asian Currencies Edge Higher as Markets Look to Fed Rate Cut; Rupee Steadies Near Record Lows 
Gold Prices Edge Higher as Markets Await Key U.S. PCE Inflation Data 
Asian Currencies Steady as Rupee Hits Record Low Amid Fed Rate Cut Bets 
Japan’s Nikkei Drops as Markets Await Key U.S. Inflation Data 
Asian Markets Mixed as Fed Rate Cut Bets Grow and Japan’s Nikkei Leads Gains 
Dollar Weakens Ahead of Expected Federal Reserve Rate Cut 
Europe Confronts Rising Competitive Pressure as China Accelerates Export-Led Growth 
China’s Services Sector Posts Slowest Growth in Five Months as Demand Softens 
Oil Prices Rise as Ukraine Targets Russian Energy Infrastructure 
Citi Sets Bullish 2026 Target for STOXX 600 as Fiscal Support and Monetary Easing Boost Outlook 
Gold’s recent rally may be nearing its peak, according to Deutsche Bank analysts, who note that the September–October surge has lasted 29 trading days—well beyond the historical median of 18–19 days. Analyst Michael Hsueh explained that this phase has exhibited a rare blend of strong trend momentum and low volatility, conditions that have supported trend-following investment strategies. However, the recent uptick in realized volatility could signal that this favorable environment is starting to fade.
Despite the change in market tone, Hsueh does not anticipate a sharp correction. He draws a parallel to the June–August consolidation, when gold prices paused without significant declines. Notably, fair value models have climbed by $260–$290 per ounce since early August, providing a solid cushion even as spot prices have jumped nearly $700 per ounce.
Another distinguishing feature of the current rally is the broad participation of white metals. Silver prices have surged to $51 per ounce, driven by record three-month lease rates of 20%, while palladium has finally caught up after underperforming for most of 2025. Hsueh emphasized that this synchronized movement across precious metals reflects a return to long-term historical norms—making earlier gold-only rallies appear more anomalous.
Although futures positioning data remains unavailable due to the ongoing U.S. government shutdown, ETF flows reveal a slowdown in buying rather than outright selling. Hsueh also referenced Umicore’s gold leaseback transaction, clarifying that it was financially motivated, not a directional bet on gold prices.
Looking ahead, Deutsche Bank expects the gold-to-WTI ratio to rise toward 72–73, achievable either through gold advancing toward $4,450 per ounce or crude drifting toward the bank’s $55 per barrel 2026 target.
