Minneapolis Fed president Neel Kashkari indicated modest interest rate cuts are likely, citing a strong job market. Meanwhile, gold prices surged, driven by central bank demand and lower interest rates. Investors expressed caution, leading to decreased homebuying and mortgage refinancing, amid fears of a potential recession and escalating U.S. national debt.
Markets experienced volatility linked to Middle East tensions and a port strike, yet a strong September jobs report kept stocks marginally positive. Upcoming week highlights include the October CPI, consumer sentiment updates, and major Q3 earnings from financial giants. Mortgage refinancing activity declined amid rising rates, while consumer sentiment weakened.
Gold prices are solidly up and hit another record high in early U.S. trading Tuesday. Silver prices are also on the march higher and hit a four-week high overnight.
Investors are seeking out buying opportunities from temporary price dips to add more physical precious metals into their portfolios.
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