MONEY MASTER

Gold prices plunged sharply,  erasing all year-to-date gains , as escalating Middle East tensions triggered a surge in  inflation expectations and interest rate risks , prompting aggressive selling across precious metals. Gold Sees Fastest Selloff in Decades Gold extended its losses for a  ninth consecutive session , falling as much as  8.8% to near US$4,100 per ounce , before stabilising around  US$4,225 . This dramatic decline follows what was already the  worst weekly drop since 1983 , highlighting the intensity of the current selloff. Inflation Shock Drives Rate-Hike Expectations The key driver behind the decline is a sharp shift in macro expectations: Oil prices remain elevated , fuelling inflation concerns Markets are increasingly pricing in  higher-for-longer interest rates Central banks may  delay or reverse easing cycles Higher interest rates reduce the attractiveness of gold, as it  does not generate yield , pushing investors toward...

Summary Copper rebounded sharply on Tuesday after a two-day slump, as the broader metals selloff eased and  dip-buying emerged from China , the world’s largest copper consumer. While short-term momentum has softened, longer-term supply constraints are expected to keep prices elevated. What Happened Copper rose as much as 2%  to  US$13,148.50 per tonne This followed a  15% plunge from last Thursday’s record high Other industrial and precious metals also  recovered part of recent losses On the  London Metal Exchange , copper was up  0.5% at US$12,951 per tonne , while prices on the  Shanghai Futures Exchange  jumped  3.6% . Why Prices Rebounded The recovery was driven mainly by  renewed buying from China : Investors stepped in after the sharp correction Fabricators and manufacturers  restocked ahead of the Lunar New Year  (starting Feb 16) Physical demand returned after weeks of staying on the sidelines Why the Rally Has Slo...

 Gold prices rose on Thursday after the U.S. Federal Reserve delivered a  25bps rate cut , even as policymakers remained sharply divided on the path of future easing. Silver extended its powerful rally, touching another  record high . Gold Edges Higher After Fed Cut As of 0040 GMT: Spot gold  rose  0.3%  to  US$4,242.39/oz US gold futures (Feb)  gained  1.1%  to  US$4,271.30/oz Gold benefited from the lower-rate environment, as  non-yielding assets  typically perform better when borrowing costs decline. Fed Divided on Future Easing The Fed cut rates by 25bps but signaled a  higher bar for further reductions , citing: Inflation that “remains somewhat elevated” Need for clearer evidence of a softening job market In a rare split,  six Fed officials  indicated they did  not support even this cut  — highlighting unprecedented division within the central bank. Fed Chair  Jerome Powell  gave no ...

Gold rose on Monday as traders grew increasingly confident that the Federal Reserve will deliver another interest-rate cut in December, even as policymakers remain split and economic data remains distorted by the prolonged US government shutdown. Fed governor Christopher Waller bolstered expectations after signalling support for a reduction next month, echoing comments from New York Fed president John Williams that a near-term cut remains on the table. With official labour-market data still missing, investors have turned to second-tier indicators to gauge the health of the economy. Swap markets now imply nearly an 80% probability of a cut at the Fed’s December 9–10 meeting — building on earlier moves in September and October. Lower interest rates generally boost the appeal of gold, which offers no yield and tends to outperform during periods of monetary easing. Investors this week will parse a backlog of delayed economic data, including September retail sales and producer-price figures...

Gold prices rose on Friday, extending their monthly winning streak as  bargain hunters  stepped in and the  US Federal Reserve’s rate cut  boosted demand for non-yielding assets, even as a stronger dollar capped gains. Market Snapshot Spot gold:  US$4,034/oz (+0.3%) US gold futures (Dec):  US$3,955/oz (–1.1%) Monthly gain:  +4.5% (third straight) The rally puts gold on track for its  best three-month stretch this year , supported by lower yields and sustained safe-haven demand amid geopolitical and trade uncertainties. Fed Policy and Rate Outlook The Fed cut its  benchmark rate by 25 basis points  this week to a range of  3.75%–4.00% , marking its  second cut of 2025 . While the move supported bullion,  Fed Chair Jerome Powell’s cautious remarks  tempered expectations of another reduction in December. According to the  CME FedWatch Tool , traders now see a  74.8% chance  of a further 25 bps cut in Decem...

Gold has reclaimed the spotlight — and this time, it’s more than just a market story. The metal’s surge above  US$4,000 an ounce  marks a profound shift in how investors perceive safety, stability, and the global financial order. A Flight from Faith Traditionally, investors facing economic or political chaos turn to the  US dollar and Treasury bonds  for refuge. But in 2025, that confidence has cracked. With  trade wars, tariff shocks, inflation, and political interference  shaking the foundations of monetary policy, gold has become the asset of choice — a symbol of safety in a world where fiat trust is fading. The Debasement Trade The US dollar has suffered its  sharpest six-month drop in half a century , as investors bet against its long-term strength. This growing distrust has fueled what analysts call the  “debasement trade”  — a move away from currencies that governments can print and control, toward tangible assets like gold. Gold’s app...

Gold’s march past  US$4,000 per ounce  marks a historic milestone in a three-year rally that has upended long-held market assumptions and reshaped the global monetary landscape. The metal’s rise, once dismissed as outdated, now reflects a fundamental reallocation of global capital away from traditional financial assets. 1. The Pandemic Spark That Ignited the Bull Run Gold’s resurgence began during the  COVID-19 pandemic , when it first broke above  US$2,000/oz . Momentum accelerated in 2022 after Russia’s invasion of Ukraine and again in 2024 amid renewed geopolitical tension. 2024:  Gold gained 27%, driven by central bank purchases and strong Chinese demand. 2025:  Former U.S. President Donald Trump’s return to the White House helped propel prices beyond  US$3,000/oz in March. Recent drivers: U.S. government shutdown, a weaker dollar, and renewed safe-haven demand. Gold has now transformed from a “barbarous relic” into a  strategic macro hedge , ...

 Prices Hold Near Record Levels Gold prices were little changed on Thursday, with investors cautious ahead of key US economic data that could shape the Federal Reserve’s next policy moves. Spot gold traded at  US$3,734.04 per ounce  as of 0202 GMT, while US gold futures for December delivery were steady at  US$3,765.20 . Dollar Softness Provides Support A  0.1% dip in the US dollar index  lent some support to bullion, making gold cheaper for overseas buyers. The metal remains near its all-time high of US$3,790.82 set earlier this week. Fed Signals More Cuts Ahead San Francisco Fed President  Mary Daly  reiterated support for last week’s rate cut and signalled further easing ahead, suggesting policymakers may prioritise labour market strength. Fed Chair  Jerome Powell  on Tuesday also stressed the need to balance inflation risks with slowing job growth. Analyst Ilya Spivak of Tastylive noted: Support levels sit around  US$3,700 and U...

Key Takeaway:  Gold surged to a fresh record of  US$3,759.02 per ounce  before steadying, fueled by bets on further US interest rate cuts and a softer dollar, with investors awaiting  Fed Chair Jerome Powell’s speech  for policy signals. Gold prices hovered near record highs on Tuesday, underpinned by expectations of more US Federal Reserve rate cuts and a weaker greenback. Investors are closely watching Fed Chair  Jerome Powell’s remarks later today for clues on the central bank’s next moves. Spot gold held at  US$3,743.39 per ounce  as of 0238 GMT after touching an all-time peak of  US$3,759.02  earlier in the session. US gold futures for December delivery added  0.1% to US$3,779.50 . The US dollar index slipped  0.1% , making dollar-denominated bullion more attractive to overseas buyers. Analysts see the near-term trend as bullish, though a short-term pullback is possible. OANDA’s  Kelvin Wong  noted that key suppo...

Gold prices remain near record highs above  US$3,670/oz , supported by expectations of US Federal Reserve rate cuts, mounting geopolitical risks, and sustained central bank demand. Year-to-date, gold has surged more than  38% , marking its strongest annual gain since 2000. Fed Policy and Labour Market Weakness Fuel Rally The rally gained momentum after  Fed Chair Jerome Powell’s dovish remarks at Jackson Hole , which raised bets for a  September rate cut . The weak August non-farm payrolls report — showing just  22,000 jobs added  and a jobless rate of  4.3%  — reinforced market conviction. CME data shows traders pricing in a  93.7% probability of a 25bps cut  next week, with a small chance of a deeper 50bps move. This has pressured the US dollar and bolstered gold’s appeal. Safe-Haven Demand Amid Rising Risks Beyond monetary policy, investors are seeking refuge in gold as  geopolitical tensions escalate : Political turmoil in Franc...

Key Takeaway:  Gold prices hovered near record highs, supported by expectations of a  September Fed rate cut  and a softer U.S. dollar, with spot prices steady above  US$3,640/oz . Market Moves Spot gold : Up  0.1%  to  US$3,640.41/oz  (as of 0103 GMT). Record high :  US$3,646.29/oz  hit on Monday. U.S. gold futures (Dec delivery) : +0.1% to  US$3,682/oz . YTD gains :  +38%  in 2025, following  +27%  in 2024. Drivers Behind the Rally Fed expectations : Traders price in an  89.4% chance of a 25 bps cut  next week;  10.6% chance  of a  50 bps cut (CME FedWatch). Weak labor data : U.S. unemployment climbed to a  4-year high of 4.3% , reinforcing the case for policy easing. Dollar & yields : Dollar index at a  7-week low , boosting gold’s appeal for non-dollar investors. U.S. 10-year Treasury yield at a  5-month low . Central banks : Ongoing accumulation and dovish monetary...

 Key Takeaway Gold is trading just shy of its  record peak near $3,600/oz , supported by weak U.S. jobs data that strengthened bets on Federal Reserve rate cuts. Lower yields and safe-haven demand continue to underpin bullion, with analysts warning that Fed independence concerns could push prices even higher. What’s Driving the Rally Weak U.S. Jobs Data:  August payrolls showed hiring slowed sharply and unemployment hit its highest since 2021. Traders are now pricing in  nearly three Fed rate cuts  this year. Rate Cut Optimism:  Lower interest rates reduce the opportunity cost of holding gold, boosting its appeal. Haven Demand:  Rising geopolitical risks and Trump’s escalating attacks on the Fed are keeping investors defensive. China Buying:  The People’s Bank of China raised gold holdings for the  10th straight month , diversifying reserves away from the U.S. dollar. Policy & Political Factors Fed Independence at Risk?  Trump has vo...

Key Takeaway: China’s steel exports have surged to a nine-year high , but trade tensions, dumping accusations, and protectionist policies are threatening their sustainability. China’s Steel Export Boom October Exports: Over 11 million tonnes , a near-record high and the most in nine years. Driving Factors: Surplus caused by China’s property crisis and stagnant domestic demand. Heavy reliance on exports to developing economies like Southeast Asia and the Middle East through the Belt and Road Initiative . Challenges Ahead 1. Trade Tensions and Anti-Dumping Actions 25 anti-dumping investigations against Chinese steel this year, the most since 2016. Trading partners raising barriers: Vietnam: Limiting imports and re-exporting excess steel, exacerbating the global glut. Japan and South Korea: Anti-dumping probes and calls for tighter controls on steel rerouted via third countries. Domestic markets face pressure from cheap Chinese steel undercutting prices. 2. Protectionism Under Trum...

Key Takeaway: Gold prices have dropped more than 4% this week , impacted by a stronger US dollar and expectations of a slower pace of Fed rate cuts . Gold prices traded flat on Friday, with spot gold at $2,569.69 per ounce after a five-day losing streak, marking its worst weekly performance in over three years. Gold has declined over $220 from its record peak last month, hit by rising US dollar strength following Donald Trump's election victory . The outlook for gold remains cautious, with Fed Chair Jerome Powell's comments indicating a measured approach to rate cuts given stable economic growth and steady inflation. Markets now assign a 59% probability of a 25-basis-point rate cut in December, down from 83% earlier, reflecting reduced expectations for easing. Analysts suggest that while higher interest rates raise the opportunity cost of holding gold , geopolitical uncertainty in Trump’s term could still drive demand for safe-haven assets . A potential rebound could see g...

Gold traded close to a one-month low on Tuesday, with investors focused on upcoming US economic data and Federal Reserve comments to gauge future interest rate decisions. Spot gold held steady at $2,622.89 per ounce after hitting its lowest since October 10. US gold futures rose slightly by 0.4% to $2,629.10. The US dollar remains near a four-month high , making gold less appealing for holders of other currencies. Key data releases, including the US Consumer Price Index on Wednesday and Producer Price Index on Thursday , could shape the outlook on inflation and influence Fed policy. Gold prices have faced pressure since Trump’s presidential victory , with potential policy shifts hinting at higher inflation and extended high interest rates. Although the Fed recently cut rates by 25 basis points, another cut may follow in December , with a 66% likelihood according to market estimates. Gold, traditionally a hedge against inflation, often loses its appeal when interest rates rise , as h...

  Gold surged to a fresh record on Wednesday, climbing to $2,775.47 an ounce during early Asian trading, surpassing its previous peak as investors react to the latest US economic data and brace for potential market disruption ahead of the US presidential election . The rise follows a report showing US job openings have dropped to their lowest level since early 2021, conflicting with earlier data that suggested strength in the US labor market. This shift led traders to scale back expectations of aggressive rate cuts by the Federal Reserve. Higher interest rates typically dampen the appeal of gold, but ongoing uncertainties are keeping demand strong. Ahead of the Fed's next policy meeting on Nov. 6-7, markets are closely watching upcoming US inflation and payroll data for further clues on the central bank’s next moves. While policymakers are expected to cut rates by a quarter percentage point , economic resilience and labor market disruptions from recent hurricanes will also be k...

Zinc prices soared to a 20-month intraday high on the London Metal Exchange (LME) after major producer Teck Resources Ltd reduced its output forecasts due to a fire at its Trail smelter in Canada. This incident has heightened supply concerns amidst a backdrop of mine disruptions . Three-month zinc futures surged by as much as 4.5% to US$3,284 (RM14,294) per tonne on the LME before settling at US$3,188 per tonne , still reflecting a 1.54% increase . Teck announced that refined zinc production this year could be up to 12% lower than previously anticipated, equating to a 40,000-tonne reduction . While this is small compared to the global market's 14 million tonnes, it has added to growing concerns about supply. Zinc has been one of the top performers on the LME this year, gaining about 20% following numerous supply disruptions. The backwardation in the zinc market—where spot prices exceed futures—has further underscored the tightness in supply. The spread between cash cont...

Gold reached an all-time high on Thursday, fueled by growing uncertainty surrounding the US election and increasing bets on further interest rate cuts by major central banks. Spot gold climbed 0.3% to $2,680.19 per ounce , after hitting a record high of $2,685.60 earlier in the day. US gold futures also gained, rising 0.2% to $2,695.90 . Investors are turning to safe-haven gold to hedge against volatility tied to the US election, with market analysts suggesting a Donald Trump presidency could heighten trade tensions and expand the US budget deficit , factors that typically support gold prices. The US retail sales and weekly jobless claims data , due later today, will be closely watched to assess the economic outlook. Expectations of lower global interest rates are also pushing gold higher, as they reduce the cost of holding bullion. Traders anticipate a 92% chance of a 25-basis-point rate cut by the Federal Reserve next month, while the European Central Bank is expected t...

Gold is forecasted to climb to a record high of US$2,917.40 per ounce by late October 2025, according to a survey conducted at the London Bullion Market Association (LBMA) event in Miami . This represents a 10% increase from current levels, with predictions based on input from traders, refiners, and miners at the annual gathering. Gold has been one of the top-performing commodities of 2024, benefitting from its reputation as a safe-haven asset and increased central bank buying . The precious metal hit a peak above US$2,685 last month, fueled by the Federal Reserve’s shift to rate cuts , which typically benefits non-yielding assets like gold in a lower-rate environment . The LBMA survey also highlighted expectations for other precious metals, predicting that silver will surge by over 40% to reach US$45 an ounce over the next year. As investors look ahead to the upcoming US presidential election , uncertainty continues to bolster the demand for gold as a wealth safeguard. Spot...

Gold prices could face a slight, near-term decline if the Federal Reserve decides on a modest 25-basis-point rate cut this week, according to Goldman Sachs Group Inc. However, the investment bank foresees a subsequent rally, driving the metal to a record high as increased investments flow into bullion-backed exchange-traded funds (ETFs) . “ Fed rate cuts are poised to bring Western capital back into gold ETFs, a component largely absent in the sharp gold rally observed over the past two years,” said analysts Lina Thomas and Daan Struyven . They reiterated Goldman’s forecast for gold to surge to US$2,700 (RM11,542) an ounce by early next year. Gold has been a top-performing commodity this year, climbing by about 25% and setting new records amid increased central bank purchases and expectations of the Fed's shift towards monetary easing. Investors remain divided on whether the US central bank will initiate its easing cycle this week with a half-point reduction or a more caut...