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Gold Spot

Gold steadied in a tight range on Tuesday as investors adopted a cautious approach ahead of a crucial Brexit vote, while focus shifted to the U.S. Federal Reserve’s stance on interest rate cuts.

Technical Resistance: 1522/1535

Technical support: 1480/1461

Wall Street slips after rejection of Brexit timetable

U.S. stocks ended lower on Tuesday, giving up early gains after British lawmakers rejected the government’s proposed timetable for passing legislation to ratify its deal to exit the European Union.

 

Beijing reportedly developing plan to replace Hong Kong’s leader by March

The Chinese government is developing a plan to replace Hong Kong chief executive Carrie Lam with a possible successor who could be installed by March, according to reports from the Financial Times. Lam’s policies have sparked months of violent protests against the government, even after a controversial extradition plan was withdrawn.

 

U.S. existing home sales drop more than expected in September

The National Association of Realtors said on Tuesday that existing home sales fell 2.2% to a seasonally adjusted annual rate of 5.38 million units last month, reversing two straight months of gains. August’s sales pace was upwardly revised to 5.50 million units.

 

The dollar was broadly weak, ahead of a Federal Reserve policy meeting next week

The dollar index against a basket of six major currencies stood at 97.469, holding on to a 0.2% gain posted on Tuesday. Investors are awaiting the Federal Reserve’s month-end monetary policy meeting for further clarity on rates cuts this year.

 Source: Bloomberg, CNBC, Reuters

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