Market Recap | 17-Oct-2024

Gold prices surged for the third consecutive day, nearing an all-time high of $2,685. This upward momentum is driven by growing expectations of interest rate cuts by central banks and increased demand for safe-haven assets amid escalating conflicts in the Middle East.

Meanwhile, the Japanese Yen reversed its earlier gains against the US Dollar, edging closer to its lowest point since August. A drop in Japan’s exports and Prime Minister Ishiba’s stance against further rate hikes have complicated the Bank of Japan’s efforts to move away from its ultra-easy monetary policy, weakening the Yen further.