Gold Reaches New All-Time High: Gold prices significantly increased during Monday’s trading session,
continuing their gains for the third consecutive session.
The Gold rose by over $10, contributing to a new record level for the second time.
Despite the rebound in U.S. Treasury yields and the rise of the U.S. dollar, gold continued to strengthen,
reflecting its appeal as a haven for investors amidst economic tensions.

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Gold

People’s Bank of China

Gold Reaches New All-Time High

Gold prices significantly increased during Monday’s trading session, continuing their gains for the third consecutive session.
The Gold rose by over $10, contributing to a new record level for the second time.
Despite the rebound in U.S. Treasury yields and the rise of the U.S. dollar, gold continued to strengthen,
reflecting its appeal as a haven for investors amidst economic tensions.

In trading details, spot gold prices rose by 0.45% to reach $2,733.84 per ounce,
while December gold futures increased by 0.60% to $2,746.50 per ounce.
This strong performance comes amid expectations of continued demand for safe-haven assets,
especially with growing concerns about a global economic slowdown and inflationary pressures.

This increase in gold prices demonstrates the precious metal’s resilience in the face
of global economic pressures as investors continue to turn to gold as a hedge against potential market volatility.

People’s Bank of China Lowers Lending Rates

The People’s Bank of China announced a reduction in its central lending rates,
including the benchmark mortgage loan rate, to stimulate China’s slowing economy and support the real estate sector.
This decision followed statements by the bank’s governor, Pan Gongsheng, during a financial conference last week.

In the bank’s monthly meeting on Monday, the one-year lending rate
used as a reference for commercial and consumer loans—was cut by 25 basis points (0.25%) to 3.10%.
The five-year lending rate, the benchmark for mortgage loans, was also reduced by the same amount to 3.6% from 3.85%.

This marks the first time since July that China’s central bank has lowered these rates.
The move is part of a monetary stimulus plan announced at the end of September.
The plan will support the struggling real estate sector and the broader Chinese economy.

However, Shane Oliver, Chief Economist at AMP, noted that China’s reduction
in borrowing costs alone would not stimulate the economy,
explaining that the core issue is weak demand for funds,
which requires additional fiscal measures to support economic recovery.

Gold Reaches New All-Time High

Gold Reaches New All-Time High

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