【Top1 Evening】Gold Continue to Grind, Dollar stands tall as U.S. stimulus delay hits sentiment
The gold is weak amid the uncertainty of the market is rising sharply. Investors might stay focused on the FOMC Minutes.

Gold
Gold prices edged up on Wednesday, after hitting a one-week low in early trade, lifted by renewed fears over economic recovery and uncertainty around the U.S. presidential election after President Donald Trump's Covid-19 diagnosis.
Spot gold rose 0.61% to $1887.88 per ounce by 18:00 (GMT+8).
The low-interest-rate environment globally along with uncertainties stoked by the upcoming U.S. elections bodes well for gold, said Brian Lan, managing director at dealer GoldSilver Central in Singapore.
However, "if the U.S. dollar strengthens more, we will see it cap gold prices."
Trump's decision to call off stimulus talks increases downside risks for an already shaky U.S. economy, which is likely to favor safe-harbor flows into the dollar, in which the bullion is priced.
By 18:00 (GMT+8) on Tuesday, Silver climbed 2.4% to $23.589 per ounce, platinum was up1.88% to per ounce, while palladium rose 0.65% to $2351.14 per ounce.
Forex
The dollar held gains against most currencies on Wednesday after U.S. President Donald Trump abruptly cancelled talks on economic stimulus with Democrat lawmakers, heightening demand for safe-haven assets.
By 18:00 (GMT+8), the US dollar index rose 0.05% to 3.787.
"The increasing possibility of a "blue wave" (Democratic control of the White House and Congress) that would open the door for much-needed fiscal stimulus would be a welcome development for risk assets and could undermine the U.S. dollar," said Lee Hardman, currency analyst at MUFG.
The GBP/USD quoted at 1.2887 after skidding 0.86% on Tuesday as optimism about Britain's trade negotiations with the European Union failed to shield sterling from the dollar's advance.
"We would not be surprised should the talks extend towards month-end and even potentially into early November, if a deal is to be struck. In the near term, we anticipate some downside pressure on GBP/USD, given that the main issues remain unresolved. Support comes at 1.2680," says Jeremy Stretch, foreign exchange strategist at CIBC Capital Markets.
The increased risk aversion, however, did not move the dollar much against the yen, which was last quoted at 105.75, because both currencies tend to be bought during times of uncertainty, analysts say.
By 18:00 (GMT+8) on Wednesday, the AUD/USD rose 0.36% to 0.7127 EUR/USD was up 0.20% to 1.1756.
Crude Oil
Crude oil Oil prices fell on Wednesday after U.S. President Donald Trump dashed hopes for a fourth stimulus package to boost the coronavirus-hit economy and on a larger-than-expected increase in U.S. crude inventories, Reuters reports.
U.S. West Texas Intermediate (WTI) crude was at $39.947 a barrel, fell 0.28%, Brent was up to $42.064 a barrel, gaining 0.05% by 18:00 (GMT+8) on Monday.
The American Petroleum Institute (API) on Tuesday reported an increase of 951,000 barrels of crude oil in the U.S. crude oil inventories for the week ending Oct. 2, the increase exceeds expectations.
Poor demand outlook is still an important factor hindering the upward trend of oil prices, and oil prices still have certain downside risks in the short term.
Stock
Apple said it would hold a special event on Oct. 13, which most analysts believe will be used to unveil new iPhones with 5G capabilities.
Apple hinted at new, faster networking capabilities in the invitation for the event, which read: "Hi, Speed."
"Apple concept stocks" moved higher ahead of the news released.
Asia-Pacific stocks were flat on Wednesday.
Shares in Australia rose slightly, with the S&P/ASX 200 up 74 points or 1.3% to close at 6036.
In Japan, the Nikkei 225 fell 10 points or 0.1% to close at 23422, South Korea's Kospi added 21 points or 0.9% on the day to 2386.
Shares in Taiwan rose 42 points or 0.3% to closed at 12746.
By 18:00 (GMT+8) on Wednesday:
SP500 rose 0.49% to 3,376.95;
DJ30 rose 0.53% to 27,960.1;
TECH100 rose 0.38% to 11,327.85;
China A50 rose 0.51% to 15,406.16;
GER30 rose 0.68% to 12,848.6;
UK100 rose 1.09% to 5946.1;
Focus Tonight
20:10(GMT+8): ECB President Lagarde Speech;
22:30 ( GMT+8): EIA Cushing Crude Oil Stocks Change (02/OCT), Previous:1.785M;
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