"Gold has retreated to $4600 / oz after its record peak of $4643 / oz yesterday in spot trading, marking a necessary 0.5% correction in an overheated rally. The correction in gold prices followed an extended rally that began at the start of this year. Mixed narratives regarding the potential for war in Iran have contributed to market volatility. Gold's earlier surge was driven by increasing geopolitical risks in the Middle East and a disappointing start to the earnings season,"
"JPMorgan's recent earnings report acted as a reality check for those betting on a flawless economic expansion. As reported by the WSJ, the 7% slide in profit was largely influenced by the Apple Card acquisition and a surprising shortfall in investment banking fees. Jamie Dimon remains optimistic about the resilient consumer, yet his warning that we must deal with the world as it is, not as we want it to be, serves as a grounded reminder of the "huge" geopolitical risks ahead."
Gold pulled back to $4,600 per ounce after reaching a record $4,643, a necessary 0.5% correction following an extended rally that began at the start of the year. Mixed narratives about a possible war in Iran raised market volatility and supported earlier gains. A disappointing start to earnings season, including negative surprises from major banks, also contributed to the surge. Treasury-market fear is unusually low, with the MOVE index near 2021 lows and 10-year real yields near their highest since August, reducing the yield-curve's explanatory power. Regulatory and political developments, such as a proposed credit-card rate cap, pressured bank stocks despite stable consumer metrics.
Read at London Business News | Londonlovesbusiness.com
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