Author: Fiona Craig

Gold prices reached fresh all-time highs during Asian trading on Tuesday, extending a strong rally that has persisted over the past week as investors grew increasingly concerned about a potential U.S. government shutdown.

Expectations for further interest rate cuts by the Federal Reserve also lent support to precious metals, though silver and platinum eased slightly after a strong session on Monday. Copper prices, meanwhile, pulled back modestly.

Spot gold climbed to a record $3,865.73 per ounce, while gold futures topped $3,893.72 an ounce. The yellow metal has gained roughly 17% in the third quarter, reflecting robust safe-haven demand amid multiple market pressures.

Safe-Haven Buying Rises Amid Shutdown Risk

Gold demand has been bolstered by fears that U.S. lawmakers may fail to prevent a government shutdown. Congress has until midnight on September 30 (0400 GMT Wednesday) to pass a spending bill and keep hundreds of federal operations running.

A Republican-backed bill recently cleared the House of Representatives but is encountering resistance in the Senate. Although Republicans hold a 53-seat majority, at least 60 votes are needed to approve the measure.

Efforts to resolve the impasse in a bipartisan meeting with President Donald Trump on Monday failed to produce a breakthrough. Disagreements over healthcare and social welfare funding remain at the center of the stalemate.

A government shutdown typically disrupts economic activity, posing potential risks to growth. Analysts also warn that a closure could delay the release of the closely watched nonfarm payrolls report for September, due Friday. The White House has cautioned that thousands of federal jobs could be cut if a shutdown occurs, potentially adding strain to the labor market.

Metals Strong in Q3 Amid Rate Cut Bets

Beyond gold, other metals eased slightly on Tuesday but remain on track for solid third-quarter gains, supported by optimism over lower U.S. interest rates.

The Federal Reserve cut rates by 25 basis points earlier this month and indicated the possibility of up to two more reductions in 2025, though these depend on inflation trends and labor market conditions. Fed officials offered cautious commentary over the past week, yet markets continue to expect at least one additional 25 basis point cut in October, according to CME FedWatch data.

The prospect of lower rates weighed on the dollar and provided a boost to metals, with precious metals outperforming. Spot platinum is set to gain nearly 18% in Q3, while spot silver trades 30% higher, with both metals reaching more-than-decade highs on Monday.

Industrial metals also posted strong quarterly performance. London Metal Exchange copper futures steadied at $10,418.60 per ton, up 5% in Q3, while COMEX copper hovered near $4.90 per pound, marking an 11.4% gain for the quarter.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

U.S. equity futures edged lower on Tuesday, with attention squarely on Washington as lawmakers scramble to strike a deal before a potential federal government shutdown. A Monday meeting between Republican and Democratic leaders and President Donald Trump ended without progress, leaving investors wary. The uncertainty has pushed gold prices to fresh record highs and sparked concerns that key economic data could be delayed. At the same time, Trump unveiled a new set of tariffs, while Nike (NYSE:NKE) is due to release its quarterly earnings after markets close.

Futures Under Pressure

By 03:33 ET, Dow futures were down 79 points (0.2%), S&P 500 futures had slipped 10 points (0.1%), and Nasdaq 100 futures had fallen 37 points (0.1%).

This pullback follows a modest advance on Wall Street Monday, supported by falling Treasury yields, which eased by 1–3 basis points across the curve. Rate cut expectations from the Federal Reserve and investor enthusiasm around artificial intelligence helped steady sentiment, even against the backdrop of political gridlock.

Among individual movers, Lam Research rose after an analyst upgrade from Deutsche Bank, while AppLovin hit a record high following a bullish revision from Morgan Stanley.

Government Shutdown Concerns

Congress faces a fast-approaching deadline to pass a short-term funding bill and avoid a shutdown. The House of Representatives recently approved a Republican-backed proposal, but the bill is running into opposition in the Senate. While Republicans control 53 seats, at least 60 votes are needed for passage.

Talks on Monday ended in stalemate, with both parties trading blame. Republicans accused Democrats of holding the government “hostage,” while Democrats, pressing for an extension of health care subsidies in return for their support, argued that failure to reach a deal could jeopardize coverage for millions.

After the meeting, Vice President JD Vance remarked that he believed the government is “heading for a shutdown.”

Economists warn that a closure could delay Friday’s scheduled release of the closely watched nonfarm payrolls report. Still, investors will get a fresh look at labor market conditions later Tuesday with new data on job openings.

Gold Hits New Record

Safe-haven demand lifted gold to all-time highs as traders braced for political gridlock and its potential impact on growth. Spot gold rose 0.5% to $3,851.46 per ounce by 03:37 ET, while futures gained 0.7% to $3,880.70. The metal is on track for a roughly 17% gain in the third quarter.

Other metals were less buoyant, with silver and platinum easing after sharp rallies in the prior session. Copper prices also edged lower.

Trump Unveils Tariffs

Adding to market jitters, Trump announced a new round of tariffs targeting lumber, furniture, and kitchen fittings, citing the need to boost domestic production.

On Monday, the president confirmed a 10% tariff on softwood lumber and timber, a 25% levy on kitchen cabinets and vanities, and a 25% duty on upholstered wooden products. The measures, set to take effect October 14, stem from a Commerce Department probe into imports that Trump initiated earlier this year.

Nike Results in Focus

Later Tuesday, Nike is set to deliver its fiscal first-quarter earnings report, with investors looking for signs of progress under CEO Elliott Hill. Hill, who returned to lead the company last October, has been tasked with reviving growth and repairing retailer relationships after a period of weak sales and strategic missteps.

Revenue is expected to decline in the mid-single digits, though Nike has emphasized fresh investment in running and sneaker lines to reignite demand. CFO Matthew Friend cautioned in March that it may take “several quarters” to work through excess inventory, potentially requiring deep discounts. Nike has also pledged to reduce reliance on Chinese production to mitigate exposure to tariffs.

Still, there are early signs of recovery. Executives at JD Sports (LSE:JD.), a major Nike retail partner, recently commented that the brand is doing “all the right things in terms of resetting” its strategy.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

KEFI Gold and Copper PLC (LSE:KEFI) has reported substantial progress on its Tulu Kapi Gold Project in Ethiopia, with plans to begin full-scale development in October 2025. The project is backed by a US$340 million financing package, comprising US$240 million in debt and US$100 million in equity risk capital, supported by both local and regional investors.

In Saudi Arabia, KEFI has significantly upgraded mineral resource estimates for its Hawiah and Jibal Qutman projects, highlighting strong potential for future development. These advances reinforce KEFI’s position as a prominent player in the gold and copper mining sectors in Ethiopia and Saudi Arabia, with expected increases in production and positive economic impact for the regions.

About KEFI Gold and Copper PLC

KEFI Gold and Copper PLC is a gold exploration and development company with a focus on projects in Ethiopia and Saudi Arabia. Its key assets include the Tulu Kapi Gold Project in Ethiopia and multiple mineral resource projects in Saudi Arabia, with a focus on advancing gold and copper resources toward production.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Card Factory (LSE:CARD) has reported a 5.9% increase in revenue for the first half of 2025, demonstrating resilience amid ongoing economic pressures. The company has made strategic strides in expanding its store network and strengthening its digital presence. Strong seasonal performance, combined with the acquisition of Funky Pigeon, supports the company’s full-year expectations and enhances its digital strategy.

Efforts to broaden partnerships and diversify the product range have contributed positively to performance, although the online segment continues to face challenges. The Funky Pigeon acquisition is expected to accelerate digital growth and deliver meaningful synergies by FY27.

Card Factory benefits from strong financial performance, bullish technical indicators, and an attractive valuation. Recent insider buying and strategic acquisitions further reinforce confidence in the company’s growth prospects.

About Card Factory

Card Factory plc is the UK’s leading retailer specializing in greeting cards, gifts, and celebration essentials. The company offers a wide range of products for various occasions, with a particular focus on the celebration sector.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Avacta Group plc (LSE:AVCT) has announced its interim results for the first half of 2025, highlighting notable progress in its clinical programs, particularly the faridoxorubicin (AVA6000) Phase 1b trial, which has shown promising early clinical activity. The company has also renegotiated terms of its Heights Convertible Bond and raised £6.5 million to support upcoming bond payments, reflecting increasing confidence in its R&D pipeline.

Avacta expects multiple pipeline updates in late 2025, including further data from its faridoxorubicin program, which could strengthen its positioning in the oncology sector and attract stakeholder interest.

While technical indicators offer some short-term optimism, the company’s outlook remains influenced by ongoing financial challenges, including the need for additional funding and continued losses, despite strategic progress in its oncology-focused research.

About Avacta Group plc

Avacta Group plc is a clinical-stage life sciences company developing innovative oncology therapies. It utilizes its proprietary pre|CISION® platform, which employs tumor-specific proteases to deliver potent cancer drugs directly to tumors, minimizing systemic exposure and toxicity. Avacta’s pipeline includes pre|CISION® peptide drug conjugates and Affimer® drug conjugates, offering unique advantages over conventional cancer treatments.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Close Brothers Group PLC (LSE:CBG) reported a solid performance for the financial year ending July 31, 2025, achieving an adjusted operating profit of £144 million despite a challenging market environment. The company has undertaken strategic actions to simplify its operations and strengthen its capital base, including divesting several businesses and focusing on commercial lines within its Premium Finance division. Cost-saving initiatives are underway, and the group plans to exit its Vehicle Hire business to enhance efficiency and seize growth opportunities.

Support from a favorable Supreme Court ruling and ongoing FCA consultations is expected to provide clarity on broader industry issues, further enabling Close Brothers’ strategic repositioning and long-term growth prospects.

While technical indicators and positive corporate events suggest favorable market sentiment and strategic alignment, financial performance challenges and valuation concerns remain. Effective management of revenue growth and cash flow will be essential for sustained stability.

About Close Brothers Group

Close Brothers Group PLC is a UK and Ireland-based financial services provider, specializing in banking, asset management, and securities trading. The company primarily serves small and medium-sized enterprises (SMEs), leveraging its strong market position and specialist expertise to support business growth and financial solutions.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Wishbone Gold Plc (LSE: WSBN) has successfully secured £4 million through a new share issuance to fund the expansion of its exploration program at the Red Setter Gold Dome site. The funding, arranged with the support of OAK Securities, is expected to enhance the company’s exploration capabilities and strengthen its market position. The newly issued shares are scheduled to begin trading in mid-October 2025.

About Wishbone Gold

Wishbone Gold Plc is a mining company focused on gold exploration and development. Its primary operations center on the Red Setter Gold Dome site, where it is actively advancing its exploration efforts.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Phoenix Copper Limited (LSE:PXC) has released its unaudited interim results for the first half of 2025, showing a reduction in group losses and an increase in company profits compared with the prior year. The company has made notable progress on its Empire Mine project, with proven and probable mineral reserves and a pre-feasibility study indicating strong potential cash flows. Rising prices for copper, gold, and silver have further strengthened the project’s financial outlook, suggesting significant added value.

Phoenix Copper is working to secure additional funding to complete construction of the Empire open-pit mine, with production anticipated in the near term.

About Phoenix Copper

Phoenix Copper Limited is a U.S.-focused producer and exploration company specializing in base and precious metals. The company’s core operations include the Empire Mine in Idaho, and it holds interests in various mineral reserves including copper, gold, and silver.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Serica Energy (LSE:SQZ) has announced the acquisition of Prax Upstream Limited, which includes full ownership of the Lancaster field and stakes in several other North Sea assets. Valued at $25.6 million, the deal is expected to diversify Serica’s portfolio, boost reserves, and improve cash flow. This acquisition enhances Serica’s position as a key operator in the West of Shetland basin and opens up new opportunities for production growth. Completion is expected by the end of 2025, with additional financial benefits projected in 2026, including significant free cash flow and low decommissioning liabilities.

While Serica maintains a stable financial position with strong liquidity and strategic growth plans, it faces challenges from inconsistent revenue growth, negative earnings, and short-term bearish technical signals. Nonetheless, positive prospects for 2026 and a strong dividend yield provide some optimism for investors.

About Serica Energy

Serica Energy plc is an oil and gas company focused on exploration and production in the UK North Sea. The company is recognized for strategic acquisitions and efficient management of offshore assets, with the goal of enhancing production capabilities and expanding its resource base.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

ASOS plc (LSE:ASC) has reported significant strategic progress in FY25, focusing on building a more resilient and sustainably profitable business. The company has addressed legacy operational challenges, adopted a disciplined commercial approach, and prioritized re-engaging its customer base. Key achievements include a marked reduction in net debt, improved gross profit margins, and enhanced operational efficiencies.

Looking ahead to FY26, ASOS plans to continue its transformation, emphasizing customer engagement and further profitability improvements, supported by a streamlined cost structure and strengthened business model.

Despite these advances, the company’s outlook is influenced by ongoing financial pressures, including declining revenues and high leverage. Technical indicators and valuation metrics remain a concern, although operational improvements highlighted in the earnings call provide some optimism. Challenges in sales performance and market conditions persist.

About ASOS plc

Founded in 2000, ASOS plc is a leading global fashion retailer serving over 18 million active customers across more than 200 markets. The company offers a wide range of fashion products under its own brands, including ASOS DESIGN, ARRANGE, COLLUSION, Topshop, and Topman, as well as products from international and local partner brands. ASOS leverages an agile commercial model, including ASOS Fulfilment Services, Partner Fulfils, and Test & React, to make the latest fashion trends accessible worldwide.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.