Gold now beats the S&P 500 this year

Gold now beats the S&P 500 this year

Updated October 26, 2023 at 12:58 p.m. ET

16:46 GMT – Thursday’s stock market drop means gold is on track to beat the S&P 500 again in 2023. Futures contracts linked to the precious metal are up 9.3% this year, while the index benchmark for American stocks is up 7.7%. (eric.wallerstein@wsj.com)

Metals wobble as markets look to economic data releases

07:37 GMT – Metals prices are wavering as investors pay attention to the European Central Bank’s monetary policy decision and US GDP data, both due later today. Three-month copper is up 0.1% at $7,990 per metric tonne, while aluminum is up 0.4% at $2,220 per tonne. Meanwhile, gold is up 0.1% at $1,997.60 per troy ounce. Peak Trading Research says the ECB will likely suspend rate hikes today. “The big question is: will this be a ‘hawkish pause’ that strengthens the euro or will Lagarde highlight new geopolitical threats and deteriorating data.” Peak added that investors also expect strong US GDP growth of 4.5% year-on-year, with strong growth likely to push the dollar higher, a headwind for commodities. (yusuf.khan@wsj.com)

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With a penchant for words, Eleon Smith began writing at an early age. As editor-in-chief of his high school newspaper, he honed his skills telling impactful stories. Smith went on to study journalism at Columbia University, where he graduated top of his class. After interning at the New York Times, Smith landed a role as a news writer. Over the past decade, he has covered major events like presidential elections and natural disasters. His ability to craft compelling narratives that capture the human experience has earned him acclaim. Though writing is his passion, Eleon also enjoys hiking, cooking and reading historical fiction in his free time. With an eye for detail and knack for storytelling, he continues making his mark at the forefront of journalism.
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