The Bank of Korea held policy rates at 2.5%, with a dissenting vote raising expectations for an October rate cut. The BoK’s cautious growth view also suggests more rate cuts may be on the way in 2026.

If Trump continues to browbeat the Fed into lowering the fed Funds rate, then the path of future nominal rates may be lowered, but higher expected inflation will tend to increase the term premium.

Both are US semiconductor equipment manufacturers whose fortunes are tightly linked to NVDA’s capital intensity and the broader AI-driven chip boom.

The short-term Elliott Wave outlook for Gold indicates a sustained upward impulse from the July 31, 2025 low. The rally began with wave 1 peaking at 3409.4, followed by a wave 2 pullback concluding at 3311.26.