Conflict increases, rates pressure in AUS and election tension continues

Spot pricing for Gold $AU3852

Spot pricing for Silver $AU46.64

Spot pricing for Platinum $AU1446

Israel amplified conflict in Lebanon this week, killing 569 people and wounding 1835. Hezbollah commander Ibrahim Qubaisi has been reported killed during one of these air strikes. Hezbollah responded in kind, firing a barrage of missiles at Israeli airbases and naval bases.

Gold responded accordingly, jumping to a new all time high of US$2665. At time of writing (just now), Gold is sitting strongly at US$2655.

The Australian RBA has held interest rates steady, citing that inflation is yet to be tamed completely and will require more time at current rates before considering any rate cuts. With many Aussies holding on for dear life and with Christmas pressure around the corner, the next 3-6 months for many is looking grim. As Australian monetary policy generally follows the lead from the US it was surprising for many to see the RBA ‘keeping rates higher for longer’. 

And US election fever continues. Reports on outcomes and election ‘guess-timates’ are showing this could well be the closest election since 1876. While a grande statement, it shows how evenly divided the US currently is. 

Enjoy today’s charts.

Gold daily chart, with 200MDA

Silver daily chart, with 200MDA

US500, with 200MDA

ASX200, with 200MDA