CoinEx News — On the morning of October 30 in Asian trading, spot gold traded around $4,013 per ounce, as persistently high U.S. inflation strengthened market expectations of a Fed rate hike later this year, reducing gold's appeal; gold is poised to decline for a second consecutive month and may once again test the $4,000 per ounce level today.
According to Huitong Finance APP — In early Asian trading on Friday (Beijing Time, October 30), spot gold traded around $4,013per ounce, as persistently high U.S. inflation strengthened market expectations of a Federal Reserverate hike later this year, reducing gold's appeal and setting it up for a second consecutive monthly decline, with the price potentially testing the $4,000 per ounce level again today; U.S.crude oil traded near $102.75 per barrel, as hopes of potential peace talks between the U.S. and Iran eased some concerns about supply disruptions from escalating regional conflicts, but Houthi attacks on Saudi Arabia continued to keep markets cautious, supporting higher oil prices.
U.S. stocks closed lower on Thursday, with the Dow Jones falling 0.25% to 52,342.56, the S&P 500 dropping 0.30% to 7,720.39, and the Nasdaq sliding 1.37% to 26,184.72, as investors reassessed massive spending by major tech companies in AI and absorbed corporate earnings and key inflation data.
The small-cap Russell 2000 index rose 1.0% against the market trend. Alphabet plunged 12.6% due to revenue falling short of expectations and accelerated cash burn related to AI, dragging down the communication services sector; the semiconductor index fell 1.4%, ending a four-day winning streak. Software stocks Fortinet and ServiceNow both dropped more than 20% after reporting earnings, and Amazon slid 6.5% in after-hours trading following a disappointing Q4 sales guidance.
The Federal Reserve held rates steady on Wednesday, stating that price pressures remain "elevated." On Thursday, data showed that the initial estimate for U.S. third-quarter GDP growth came in at 3.4%, above expectations, while war-related oil supply constraints continued to transmit inflationary pressures.
The earnings season is halfway through, with 253 S&P 500 companies reporting results, 81% of which exceeded expectations; analysts project a 31.0% year-over-year increase in overall earnings for the third quarter.
Spot gold fell 1.18% on Thursday, closing at $4,021.13 per ounce, as persistently high U.S. inflation strengthened market expectations of a Fed rate hike later this year, reducing the appeal of non-yielding gold, with prices set to decline for a second consecutive month.
Data from the U.S. Department of Commerce showed that the PCE price index rose 0.5% month-over-month in September, while the August increase remained unrevised at 0.3%; the Federal Reserve held rates steady on Wednesday and delayed any adjustment to borrowing costs until after next week’s midterm elections, with the CME FedWatch tool indicating traders expect an approximately 80% probability of a rate hike in December. David Meger, Head of Metal Trading at High Ridge Futures, said that persistently elevated inflation prospects have led markets to anticipate a Fed rate hike at the December meeting, as the PCE report failed to alleviate concerns; the market’s next focus will be on how developments in the energy markets and the escalation or de-escalation of the Middle East situation impact metal prices, while investors are also closely watching the U.S. midterm elections on November 3 and their implications for fiscal policy and market sentiment.
Spot silver silver fell 3.4% to $52.14 per ounce, platinum platinum dropped 3.7% to $1,481.75, and palladium declined 0.9% to $1,001.92, with all three precious metals set to decline for a second consecutive month.
Oil prices rose on Thursday, with Brent crude up 1.01% to close at $111.54 per barrel, and US crude up 0.9% to close at $102.86 per barrel. Although hopes of potential peace talks between the U.S. and Iran eased some concerns about supply disruptions in the Middle East due to escalating regional tensions, attacks by Houthi forces on Saudi Arabia kept markets cautious.
Previously, on Wednesday, The Wall Street Journal, citing U.S. officials and informed sources, reported that U.S. Vice President Vance sent a letter to Rezaei, head of Iran’s Supreme National Security Council, attempting to restart peace negotiations. UBS analyst Giovanni Staunovo noted that oil prices are under pressure as parties renew diplomatic efforts to ease tensions in the Middle East.
Two people familiar with the matter said ExxonMobil and Chevron canceled plans for their executives to travel to the United Arab Emirates next week to attend the country’s largest oil exhibition, citing security concerns.
On Thursday, the Houthi militia in Yemen launched a large-scale missile strike targeting Saudi Aramco. John Kilduff, partner at Again Capital, said reports of this new round of attacks helped oil prices recover some losses in later trading.
The Saudi-led coalition fighting the Houthi militia said it destroyed a ballistic missile launched by the group toward eastern Saudi Arabia earlier Thursday, with no signs of easing hostilities between the two sides. Meanwhile, Iran’s Revolutionary Guard stated that three tankers exploded and caught fire over the past 24 hours after triggering mines while attempting to use an unauthorized route south of the Strait of Hormuz.
US Dollar Index fell 0.24% on Thursday to close at 101.87, as faster-than-expected US inflation in September bolstered economists' expectations of a December Fed rate hike, and Q3 economic growth also exceeded forecasts. However, Eugene Epstein of Moneycorp noted that the dollar showed little reaction to the latest economic data, as most figures were in line with expectations and had already been priced in.
Federal Reserve Chair Walsh said on Wednesday that inflation can be brought down to the 2% target without slowing economic growth or raising unemployment, prompting traders to reduce bets on rate hikes in 2027. He also stated that the Fed will set aside one of its eight regular policy meetings in 2024 and two in 2028 to discuss major issues without considering monetary policy adjustments during those meetings, yet markets still price in nearly an 80% chance of a Fed rate hike in December.
The Euro against the US dollar rose slightly by 0.23% on Thursday to close at 1.1179, after earlier falling to its lowest level since May; the European Central Bank held rates steady as expected but warned that surging energy costs are raising inflation risks, and announced that President Lagarde will step down on February 7, earlier than her originally scheduled end of term in October 2027; Marchel Alexandrovich, economist at Saltmarsh Economics, said the ECB has sent a clear signal that a rate hike in December is highly likely, and Lagarde’s early departure will heighten market focus on major leadership changes at the ECB in the first half of 2027, as Schinabel and Lane are also set to leave.
USD/JPY holds steady near 157.70, as markets focus on the Bank of Japan’s two-day meeting ending Friday, which is expected to maintain interest rates unchanged. Bank of America analysts say the meeting is unlikely to trigger significant yen volatility, but given persistent underlying inflationary pressures, any risk of more than one policymaker voting for a hawkish stance could tilt the outlook toward a stronger yen.
The Houthi armed group in Yemen announced six military operations targeting sites within Saudi Arabia.
The Houthi armed forces of Yemen claimed to have targeted the Ras Tanura refinery, the Aramco Burayqah facility, King Khalid International Airport in Riyadh, King Fahd International Airport in Dammam, the Rabigh refinery, and the military assembly command in Najran using ballistic missiles and drones, stating that the attacks disrupted airport aviation operations and caused casualties among Saudi military personnel.
The commander of U.S. Central Command briefs Trump on military options against Iran
On October 29 local time, it was learned that U.S. Central Command Commander Brad Cooper briefed President Trump at the White House on military options against Iran. U.S. Defense Secretary Hegseth and Chairman of the Joint Chiefs of Staff Dan Kane also attended the meeting. The meeting comes as the Trump administration evaluates whether to resume large-scale military action against Iran. U.S. officials have recently signaled to several Gulf nations to prepare for a short-term, high-intensity military operation potentially following the midterm elections. Meanwhile, the U.S. continues to pursue diplomatic engagement. Additionally, the Pentagon has recently deployed additional air defense systems, ammunition, and other supplies to the Middle East and adjusted the positioning of some troops. President Trump has not yet made a final decision on a new round of military action against Iran. (CCTV News)
Initial vote counting for the Israeli parliamentary election has been completed, and parliamentary seats are largely determined.
The Israeli Central Elections Committee has completed the preliminary tally of all votes in the current parliamentary election and released the preliminary results. According to the final count including all special ballots, the right-wing ruling coalition led by Israeli Prime Minister Netanyahu has secured 53 seats, while the opposition bloc led by former IDF Chief of Staff Eisenkot has won 48 seats. Arab-affiliated parties outside these two major blocs have won 19 seats. Currently, no single bloc has reached the majority of at least 61 seats required to form a government. In terms of individual party results, Netanyahu’s right-wing Likud party has won 27 seats, maintaining its position as the largest party in parliament; Eisenkot’s Yesh Atid party has won 21 seats, ranking second. Additionally, the Unity Party led by former Prime Ministers Bennett and Lapid has won 12 seats; the Arab-affiliated alliance “Joint List” has won 11 seats; the center-left Labor Party and the Arab-affiliated United Arab List (Ra’am) have each won 8 seats; the right-wing Yisrael Beiteinu party, the far-right Otzma Yehudit party, and the ultra-Orthodox religious party United Torah Judaism have each won 7 seats; the far-right Religious Zionist Party and the ultra-Orthodox religious party Shas have each won 6 seats. (CCTV News)
EU Energy Ministers Meet as Natural Gas Prices Take Center Stage
The EU Energy Ministers' meeting was held on the 29th, with natural gas prices drawing significant attention. With energy costs soaring, Europe is entering a challenging heating season. The European benchmark natural gas futures price has surpassed €100 per megawatt-hour, the first time reaching this level since December 2022. EU Commissioner for Energy and Housing Jørgensen warned that Europe is facing “another energy crisis,” with over 50 million European residents potentially unable to afford winter heating. A typical household using gas for heating is expected to see energy costs rise by approximately €600 during the heating period from November this year to March next year; when taxes are included, the additional expense could reach €715. Jørgensen also noted that this energy crisis is, in some respects, even more severe than in 2022, as Europe’s pressures are no longer limited to natural gas—prices for gasoline, diesel, and other refined fuels are also at elevated levels. Rising energy costs will further ripple through transportation, industrial production, and consumer goods prices, placing greater strain on the European economy. (CCTV)
European Central Bank officials expect to pause tightening after the December rate hike.
Citing three sources, European Central Bank policymakers expect to raise interest rates by 25 basis points on December 17, increasing the deposit rate from 2.50% to 2.75%. Unless energy prices fall sharply, this rate hike is nearly certain. However, officials anticipate that further policy tightening will cease after this increase, as higher bond yields could reduce eurozone economic growth by 1 percentage point and lower inflation by 0.9 percentage points between 2027 and 2028.
Iran has not yet responded to Vice President Vance's letter, emphasizing that the U.S. must meet Iran's seven conditions.
According to Iranian sources, U.S. Vice President Vance has sent a letter to the Secretary of Iran’s Supreme National Security Council, and Iran has received the letter but has not yet responded. Iran emphasizes that the United States must implement the seven conditions proposed by Iran; any position deviating from this established framework is unacceptable.
On October 29, 2026, the state implemented another round of regulation, adjusting refined oil prices accordingly.
Since the domestic refined oil price adjustment on October 15, geopolitical tensions in the Middle East have escalated, causing international crude oil prices to rise sharply. To mitigate the impact on the domestic market, the state has again implemented regulatory measures on refined oil prices. According to the current pricing mechanism, from 24:00 on October 29, the prices of domestic gasoline and diesel (standard products) were originally scheduled to increase by RMB 440 and RMB 420 per ton, respectively. Considering the need to alleviate the burden on downstream users while ensuring the safe and stable supply of refined oil, the actual adjusted increases were set at RMB 345 and RMB 335 per ton, respectively. (NDRC)
Focus on the day’s key events
Stock market
U.S. stocks closed lower on Thursday, with the Dow Jones falling 0.25% to 52,342.56, the S&P 500 dropping 0.30% to 7,720.39, and the Nasdaq sliding 1.37% to 26,184.72, as investors reassessed massive spending by major tech companies in AI and absorbed corporate earnings and key inflation data.
The small-cap Russell 2000 index rose 1.0% against the market trend. Alphabet plunged 12.6% due to revenue falling short of expectations and accelerated cash burn related to AI, dragging down the communication services sector; the semiconductor index fell 1.4%, ending a four-day winning streak. Software stocks Fortinet and ServiceNow both dropped more than 20% after reporting earnings, and Amazon slid 6.5% in after-hours trading following a disappointing Q4 sales guidance.
The Federal Reserve held rates steady on Wednesday, stating that price pressures remain "elevated." On Thursday, data showed that the initial estimate for U.S. third-quarter GDP growth came in at 3.4%, above expectations, while war-related oil supply constraints continued to transmit inflationary pressures.
The earnings season is halfway through, with 253 S&P 500 companies reporting results, 81% of which exceeded expectations; analysts project a 31.0% year-over-year increase in overall earnings for the third quarter.
Gold Market
Spot gold fell 1.18% on Thursday, closing at $4,021.13 per ounce, as persistently high U.S. inflation strengthened market expectations of a Fed rate hike later this year, reducing the appeal of non-yielding gold, with prices set to decline for a second consecutive month.
Data from the U.S. Department of Commerce showed that the PCE price index rose 0.5% month-over-month in September, while the August increase remained unrevised at 0.3%; the Federal Reserve held rates steady on Wednesday and delayed any adjustment to borrowing costs until after next week’s midterm elections, with the CME FedWatch tool indicating traders expect an approximately 80% probability of a rate hike in December. David Meger, Head of Metal Trading at High Ridge Futures, said that persistently elevated inflation prospects have led markets to anticipate a Fed rate hike at the December meeting, as the PCE report failed to alleviate concerns; the market’s next focus will be on how developments in the energy markets and the escalation or de-escalation of the Middle East situation impact metal prices, while investors are also closely watching the U.S. midterm elections on November 3 and their implications for fiscal policy and market sentiment.
Spot silver silver fell 3.4% to $52.14 per ounce, platinum platinum dropped 3.7% to $1,481.75, and palladium declined 0.9% to $1,001.92, with all three precious metals set to decline for a second consecutive month.
Oil market
Oil prices rose on Thursday, with Brent crude up 1.01% to close at $111.54 per barrel, and US crude up 0.9% to close at $102.86 per barrel. Although hopes of potential peace talks between the U.S. and Iran eased some concerns about supply disruptions in the Middle East due to escalating regional tensions, attacks by Houthi forces on Saudi Arabia kept markets cautious.
Previously, on Wednesday, The Wall Street Journal, citing U.S. officials and informed sources, reported that U.S. Vice President Vance sent a letter to Rezaei, head of Iran’s Supreme National Security Council, attempting to restart peace negotiations. UBS analyst Giovanni Staunovo noted that oil prices are under pressure as parties renew diplomatic efforts to ease tensions in the Middle East.
Two people familiar with the matter said ExxonMobil and Chevron canceled plans for their executives to travel to the United Arab Emirates next week to attend the country’s largest oil exhibition, citing security concerns.
On Thursday, the Houthi militia in Yemen launched a large-scale missile strike targeting Saudi Aramco. John Kilduff, partner at Again Capital, said reports of this new round of attacks helped oil prices recover some losses in later trading.
The Saudi-led coalition fighting the Houthi militia said it destroyed a ballistic missile launched by the group toward eastern Saudi Arabia earlier Thursday, with no signs of easing hostilities between the two sides. Meanwhile, Iran’s Revolutionary Guard stated that three tankers exploded and caught fire over the past 24 hours after triggering mines while attempting to use an unauthorized route south of the Strait of Hormuz.
Forex
US Dollar Index fell 0.24% on Thursday to close at 101.87, as faster-than-expected US inflation in September bolstered economists' expectations of a December Fed rate hike, and Q3 economic growth also exceeded forecasts. However, Eugene Epstein of Moneycorp noted that the dollar showed little reaction to the latest economic data, as most figures were in line with expectations and had already been priced in.
Federal Reserve Chair Walsh said on Wednesday that inflation can be brought down to the 2% target without slowing economic growth or raising unemployment, prompting traders to reduce bets on rate hikes in 2027. He also stated that the Fed will set aside one of its eight regular policy meetings in 2024 and two in 2028 to discuss major issues without considering monetary policy adjustments during those meetings, yet markets still price in nearly an 80% chance of a Fed rate hike in December.
The Euro against the US dollar rose slightly by 0.23% on Thursday to close at 1.1179, after earlier falling to its lowest level since May; the European Central Bank held rates steady as expected but warned that surging energy costs are raising inflation risks, and announced that President Lagarde will step down on February 7, earlier than her originally scheduled end of term in October 2027; Marchel Alexandrovich, economist at Saltmarsh Economics, said the ECB has sent a clear signal that a rate hike in December is highly likely, and Lagarde’s early departure will heighten market focus on major leadership changes at the ECB in the first half of 2027, as Schinabel and Lane are also set to leave.
USD/JPY holds steady near 157.70, as markets focus on the Bank of Japan’s two-day meeting ending Friday, which is expected to maintain interest rates unchanged. Bank of America analysts say the meeting is unlikely to trigger significant yen volatility, but given persistent underlying inflationary pressures, any risk of more than one policymaker voting for a hawkish stance could tilt the outlook toward a stronger yen.
International News
The Houthi armed group in Yemen announced six military operations targeting sites within Saudi Arabia.
The Houthi armed forces of Yemen claimed to have targeted the Ras Tanura refinery, the Aramco Burayqah facility, King Khalid International Airport in Riyadh, King Fahd International Airport in Dammam, the Rabigh refinery, and the military assembly command in Najran using ballistic missiles and drones, stating that the attacks disrupted airport aviation operations and caused casualties among Saudi military personnel.
The commander of U.S. Central Command briefs Trump on military options against Iran
On October 29 local time, it was learned that U.S. Central Command Commander Brad Cooper briefed President Trump at the White House on military options against Iran. U.S. Defense Secretary Hegseth and Chairman of the Joint Chiefs of Staff Dan Kane also attended the meeting. The meeting comes as the Trump administration evaluates whether to resume large-scale military action against Iran. U.S. officials have recently signaled to several Gulf nations to prepare for a short-term, high-intensity military operation potentially following the midterm elections. Meanwhile, the U.S. continues to pursue diplomatic engagement. Additionally, the Pentagon has recently deployed additional air defense systems, ammunition, and other supplies to the Middle East and adjusted the positioning of some troops. President Trump has not yet made a final decision on a new round of military action against Iran. (CCTV News)
Initial vote counting for the Israeli parliamentary election has been completed, and parliamentary seats are largely determined.
The Israeli Central Elections Committee has completed the preliminary tally of all votes in the current parliamentary election and released the preliminary results. According to the final count including all special ballots, the right-wing ruling coalition led by Israeli Prime Minister Netanyahu has secured 53 seats, while the opposition bloc led by former IDF Chief of Staff Eisenkot has won 48 seats. Arab-affiliated parties outside these two major blocs have won 19 seats. Currently, no single bloc has reached the majority of at least 61 seats required to form a government. In terms of individual party results, Netanyahu’s right-wing Likud party has won 27 seats, maintaining its position as the largest party in parliament; Eisenkot’s Yesh Atid party has won 21 seats, ranking second. Additionally, the Unity Party led by former Prime Ministers Bennett and Lapid has won 12 seats; the Arab-affiliated alliance “Joint List” has won 11 seats; the center-left Labor Party and the Arab-affiliated United Arab List (Ra’am) have each won 8 seats; the right-wing Yisrael Beiteinu party, the far-right Otzma Yehudit party, and the ultra-Orthodox religious party United Torah Judaism have each won 7 seats; the far-right Religious Zionist Party and the ultra-Orthodox religious party Shas have each won 6 seats. (CCTV News)
EU Energy Ministers Meet as Natural Gas Prices Take Center Stage
The EU Energy Ministers' meeting was held on the 29th, with natural gas prices drawing significant attention. With energy costs soaring, Europe is entering a challenging heating season. The European benchmark natural gas futures price has surpassed €100 per megawatt-hour, the first time reaching this level since December 2022. EU Commissioner for Energy and Housing Jørgensen warned that Europe is facing “another energy crisis,” with over 50 million European residents potentially unable to afford winter heating. A typical household using gas for heating is expected to see energy costs rise by approximately €600 during the heating period from November this year to March next year; when taxes are included, the additional expense could reach €715. Jørgensen also noted that this energy crisis is, in some respects, even more severe than in 2022, as Europe’s pressures are no longer limited to natural gas—prices for gasoline, diesel, and other refined fuels are also at elevated levels. Rising energy costs will further ripple through transportation, industrial production, and consumer goods prices, placing greater strain on the European economy. (CCTV)
European Central Bank officials expect to pause tightening after the December rate hike.
Citing three sources, European Central Bank policymakers expect to raise interest rates by 25 basis points on December 17, increasing the deposit rate from 2.50% to 2.75%. Unless energy prices fall sharply, this rate hike is nearly certain. However, officials anticipate that further policy tightening will cease after this increase, as higher bond yields could reduce eurozone economic growth by 1 percentage point and lower inflation by 0.9 percentage points between 2027 and 2028.
Iran has not yet responded to Vice President Vance's letter, emphasizing that the U.S. must meet Iran's seven conditions.
According to Iranian sources, U.S. Vice President Vance has sent a letter to the Secretary of Iran’s Supreme National Security Council, and Iran has received the letter but has not yet responded. Iran emphasizes that the United States must implement the seven conditions proposed by Iran; any position deviating from this established framework is unacceptable.
Domestic News
On October 29, 2026, the state implemented another round of regulation, adjusting refined oil prices accordingly.
Since the domestic refined oil price adjustment on October 15, geopolitical tensions in the Middle East have escalated, causing international crude oil prices to rise sharply. To mitigate the impact on the domestic market, the state has again implemented regulatory measures on refined oil prices. According to the current pricing mechanism, from 24:00 on October 29, the prices of domestic gasoline and diesel (standard products) were originally scheduled to increase by RMB 440 and RMB 420 per ton, respectively. Considering the need to alleviate the burden on downstream users while ensuring the safe and stable supply of refined oil, the actual adjusted increases were set at RMB 345 and RMB 335 per ton, respectively. (NDRC)