Gold faces a "perfect storm": technical breakdown and shifting interest rate expectations outweigh safe-haven demand

汇通财经2026/03/19 05:50

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(1) Despite the ongoing Middle East conflict, technical breakdowns and changes in market fundamentals have outweighed safe-haven demand, causing gold prices to fall to a six-week low. Saxo Bank's Head of Strategy, Hansen, pointed out that the support level at the 50-day moving average for gold (slightly below $5,000) was breached, triggering sell-offs. (2) On the fundamentals side, the war has pushed up energy prices and inflation expectations, cooling expectations for central bank rate cuts. The market has shifted towards a “higher for longer” interest rate outlook, driving up real yields, which is negative for non-yielding assets like gold. Meanwhile, capital is flowing into dollar assets, creating safe-haven competition with gold. The Federal Reserve is expected to keep rates unchanged, and CME tools show the market has almost ruled out the possibility of a rate cut before this summer. (3) Hansen stated that the Iran-Israel war is a supply-driven inflation shock, and central banks have limited tools to respond, creating an uncertain backdrop for gold. Technically, increased volatility and selling pressure are expected. (4) Silver also fell below $75/oz. Hansen believes that in addition to following gold lower, silver’s industrial attributes make it more sensitive to growth expectations, and concerns over rising energy costs add further pressure. (7) Regarding subsequent support for gold prices, Hansen is watching the initial support near $4,840, with the next support level at $4,660. Spot gold is currently trading near $4,832/oz.

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October 9 – Goldman Sachs pointed out that India's implementation of a 30% profit margin cap on non-scheduled anticancer drugs (link) will have limited impact on hospitals. The report states that, based on preliminary discussions with hospital chain groups, such drugs account for less than 5% of hospital revenue and 2% to 2.5% of operating profit. The report adds that hospitals can offset the losses by slightly adjusting service charges, such as administration fees. According to a government notice, an expert committee will finalize the list of drugs to be brought under regulation. Driven by the anticipated price cap, the share prices of Max Healthcare MAXE.NS, Apollo Hospitals APLH.NS, and Fortis Healthcare FOHE.NS rose by 1.6% to 2.5%. Previously, since September 30, these stocks had collectively declined by 11% to 11.5%. Year-to-date, FOHE and MAXE are down 11.7% and 14.8%, respectively, while APLH has risen by 11%. (To assist non-English speakers, Reuters provides automated translations of its reports into several other languages. Due to potential errors or missing context in automated translations, Reuters does not guarantee the accuracy of automatic translation texts and offers them solely for readers’ convenience. Reuters accepts no responsibility for any damage or loss caused by using these automated translation features.)

路透社•2026/10/09 04:26

BUZZ - Goldman Sachs says the price cap on cancer drugs has limited impact on Indian hospitals

Adding insult to injury! Japanese electronics giant Nidec downgraded by UBS, stock price plunges over 9% and approaches an 11-month low

UBS has downgraded Nidec's rating from "Buy" to "Neutral" and lowered its target price from 2,800 yen to 2,400 yen, citing a more challenging market environment.

智通财经•2026/10/09 03:53