1. World Gold Council: Total global gold demand reached 1,313 tonnes in Q3 2024, up 5% year-on-year
2. Traders cut bets on a 31 basis point ECB rate cut in December.
3. Traders cut their expectations for a 50 basis point ECB rate cut in December, with the probability reduced to 22 percent from around 45 percent before the data release.
4. Swiss National Bank Governor Schlegel: The Swiss National Bank is ready to intervene in the currency market from its office in Switzerland or Singapore if necessary.
5. Serbian President Vucic: Russian President Vladimir Putin showed little interest in a ceasefire during the call.
• Gold records historic highs as the US elections approach next week.
• Opinion polls indicate that the competition between Harris and Trump is intensifying, which is what makes investors flee to buy gold as a hedge.
⬅️ In addition, this week, US government and private jobs data will be issued, a factor that helped increase the rise in gold for fear of an upcoming reduction in US interest rates.
• Today, US non-agricultural jobs for the private sector will be issued.
⬅️ The numbers say that the previous 143 thousand and the expected 110 thousand, so any number below 110 thousand will negatively affect the dollar because it will be a signal to the Federal Reserve to strongly reduce interest rates.
⬅️ The US gross domestic product will also be issued.
• The previous and expected are 3.0%, so any number below that will be negative for the dollar and vice versa.
Bitcoin spot ETFs had a net inflow of $998 million from October 21 to October 25 last week, BlackRock ETF IBIT had a net inflow of $1.15 billion, and ARK 21Shares Bitcoin ETF ARKB had a net outflow of $206 million. Ethereum spot ETFs had a net inflow of $78.89 million last week.
Macro: *U.S. GDP (QoQ) (Q3) on 30 *BOJ Meeting on 31 [widely expected to keep interest rates unchanged on 31, Most BOJ Watchers Expect Another Rate Hike by Jan 2025] *US PCE on 31 *US NFP & Unemployment Rate on Nov 1 *FED Enters Pre-FOMC Meeting Blackout Period Ahead of Nov. 6-7 Policy Meeting *Oil Majors Exxon, Chevron, Shell, TotalEnergies and BP are collectively expected to post a 12% profit decline from the Q2.
Earnings: ~20% of S&P 500 Companie to Report Earnings *Google,
Vitalik Buterin's latest blog, Possible Futures of the Ethereum Protocol, Part 5: The Purge. Discusses Ethereum's challenge of managing blockchain bloat and complexity over time. As transaction data and protocol features accumulate, clients face increasing load and sync times, making long-term sustainability difficult.