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Gold prices continued to fall during Asian trading on Monday, adding to last week’s decline as improving sentiment over U.S.–China trade negotiations dampened demand for safe-haven assets. Traders are also focused on the upcoming Federal Reserve policy decision, with markets widely anticipating a rate cut later this week.

Spot gold slipped 1.3% to $4,060.80 per ounce by 00:44 ET (04:44 GMT), while U.S. gold futures fell 1.6% to $4,072.60. The yellow metal recently ended a nine-week rally after hitting record highs above $4,300/oz, as traders booked profits amid easing geopolitical risks and expectations of monetary stimulus.

Trade Breakthrough Pressures Gold

The pullback follows progress in trade talks after U.S. and Chinese negotiators reached a preliminary framework over the weekend on the sidelines of ASEAN meetings in Malaysia. The agreement is set to be finalized when Donald Trump and Xi Jinping meet in South Korea later this week, aiming to extend the trade truce and potentially pave the way for a broader deal.

“The threat of the 100% tariff has gone away, as has the threat of the Chinese initiating a worldwide export control regime,” said U.S. Treasury official Scott Bessent, suggesting that the risk of renewed trade escalation had eased.

Improved risk appetite has weighed on gold’s safe-haven appeal.

Fed Rate Cut Expectations Provide Some Support

Losses in gold remain limited, however, by expectations that the Fed will lower rates at its October 29 meeting. A softer-than-expected U.S. CPI report last week strengthened the case for a 25-basis-point cut, with investors now awaiting signals on whether further easing may follow before year-end.

Lower interest rates typically support gold by reducing the opportunity cost of holding non-yielding assets and pressuring the U.S. dollar, making the metal more attractive to international buyers.

Broader Precious Metals Dip as Copper Surges

Other precious metals also moved lower on Monday, dragged down by the risk-on sentiment. Silver futures declined 1.4% to $47.91 per ounce, while platinum futures eased 0.9% to $1,587.10 per ounce.

In contrast, copper prices climbed sharply. Benchmark copper futures on the London Metal Exchange advanced over 1% to hit a record high of $11,078.00 per ton, while U.S. copper futures gained 1.4% to $5.19 per pound. The rally has been supported by the ongoing shutdown of Freeport-McMoRan Inc.’s Grasberg mine in Indonesia since early September, as well as optimism surrounding a potential U.S.–China trade agreement.

Legal & General (LSE:LGEN) has signed a landmark agreement to assume £4.6 billion ($6 billion) in pension liabilities from Ford Motor Company (NYSE:F), according to a report from the Financial Times citing executives from both firms.

The deal covers the pension benefits of approximately 35,000 members enrolled in two of Ford’s UK schemes — the Ford Hourly Paid Contributory Pension Fund and the Ford Salaried Contributory Pension Fund.

This is among the largest pension risk transfer transactions ever executed in the UK, reflecting a growing trend among corporations to offload long-term pension obligations to insurers with dedicated expertise in managing such liabilities.

For Ford, the agreement provides balance sheet relief by removing a significant financial burden, while ensuring the security of retirement benefits for tens of thousands of employees and retirees.

European equities opened the week on a stable note, with investors closely watching several major catalysts including upcoming central bank policy meetings, high-level U.S.–China trade talks, and a heavy slate of corporate earnings.

At 07:15 GMT, Germany’s DAX rose 0.2%, France’s CAC 40 slipped 0.1%, and the UK’s FTSE 100 traded largely flat.

U.S.–China Trade Framework

Market sentiment improved late last week after news emerged that Donald Trump is set to meet Xi Jinping during next week’s APEC summit in South Korea. Negotiators from both sides have reportedly agreed on the framework of a trade deal for the leaders to finalize.

A successful agreement could pause steep U.S. tariffs on Chinese goods and ease restrictions on rare earth exports, helping to calm investor concerns over trade tensions that have weighed on the global outlook.

“I’ve got a lot of respect for President Xi and I think we’re going to come away with a deal,” Trump told reporters aboard Air Force One.

Fed to Lead Central Bank Parade

Market expectations for a U.S. interest rate cut have strengthened after annual inflation fell to 3% in September, below forecasts. According to the CME FedWatch tool, traders are pricing in a 96% probability that the Federal Reserve will cut rates by 25 basis points at its meeting this week.

Other major policy meetings include the Bank of Japan and Bank of Canada, while the European Central Bank is widely expected to hold rates steady, given inflation remains near its 2% target and growth appears stable.

Investors will also be monitoring the upcoming German Ifo business sentiment data for further signals of economic confidence in the eurozone’s largest economy.

Mega-Tech Earnings in Spotlight

Corporate earnings are another key focus this week, particularly in the U.S., where several mega-cap technology firms are set to report. Results are expected from Microsoft (NASDAQ:MSFT), Apple (NASDAQ:AAPL), Alphabet (NASDAQ:GOOGL), Amazon (NASDAQ:AMZN), and Meta Platforms (NASDAQ:META), five members of the so-called “Magnificent Seven.”

In total, around one-third of S&P 500 constituents are scheduled to release earnings this week, including Eli Lilly and Company (NYSE:LLY), Exxon Mobil (NYSE:XOM), Chevron Corporation (NYSE:CVX), Visa Inc. (NYSE:V), and Mastercard Incorporated (NYSE:MA).

In Europe, Galp Energia (EU:GALP) reported a 53% jump in third-quarter net income, driven by stronger refining margins and higher commercial and trading results.

Crude Supported by Trade Talk Progress

Oil prices steadied on Monday, extending last week’s gains as optimism over U.S.–China trade progress helped ease concerns of further economic fallout between the world’s two largest economies.

Brent crude futures slipped 0.1% to $65.17 a barrel, while U.S. West Texas Intermediate crude futures also fell 0.1% to $61.48 a barrel.

Crude has strengthened in recent sessions after the U.S. imposed new restrictions on Russia’s oil industry, targeting its largest energy firms. Signs of easing trade tensions have provided additional support, helping to stabilize the market following earlier volatility.

The FTSE 100 opened largely unchanged on Monday, with sentiment supported by renewed optimism around U.S.–China trade negotiations. As of 07:10 GMT, the index dipped slightly by 0.02%, while the British pound strengthened 0.01% against the dollar to 1.33. European markets moved higher, with Germany’s DAX up 0.4% and France’s CAC 40 gaining 0.1%.

Greencore–Bakkavor Merger Faces Regulator Scrutiny

The Competition and Markets Authority (CMA) has expressed concerns over the proposed £1.2 billion merger between Greencore (LSE:GNC) and Bakkavor Group PLC (LSE:BAKK). The regulator warned that the deal may reduce competition in the supply of own-label chilled sauces, where both companies currently compete. Both firms are key suppliers in the UK’s ready-made food sector, and the CMA’s review could lead to a deeper investigation if remedies are not proposed.

HSBC Sets Aside $1.1 Billion for Madoff-Linked Lawsuit

HSBC Holdings PLC (LSE:HSBA) has allocated $1.1 billion to address a lawsuit in Luxembourg tied to Bernard Madoff’s Ponzi scheme. The legal action, brought by Herald Fund SPC, seeks restitution of securities and cash linked to the Bernard L. Madoff Investment Securities LLC fraud. The Luxembourg Court of Cassation recently denied HSBC’s appeal on the securities restitution claim but upheld its appeal on the cash claim.

The Competition and Markets Authority (CMA) has raised concerns over the proposed £1.2 billion ($1.61 billion) merger between Greencore (LSE:GNC) and Bakkavor Group PLC (LSE:BAKK), warning that the deal could reduce competition in the supply of own-label chilled sauces in the UK.

Both companies are major players in the country’s ready-made food sector, supplying retailer-branded products to supermarkets and food service providers. The regulator specifically pointed to potential competitive harm in the retailer own-brand chilled sauces segment, where Greencore and Bakkavor are currently direct competitors.

The CMA’s concerns could lead to a deeper Phase 2 investigation if the companies do not propose suitable remedies to address the competition issues. The outcome of this review could have significant implications for consolidation within the UK food manufacturing industry.

More about Greencore and Bakkavor

Greencore is a leading UK convenience food manufacturer specializing in ready-made sandwiches, salads, chilled prepared meals, and sauces. Bakkavor Group PLC is a major international fresh prepared food producer with operations in the UK, U.S., and China. Both companies supply many of the country’s largest supermarket chains with own-label products.

RBC Capital Markets has maintained a cautious stance on Unilever Plc (LSE:ULVR), arguing that the company’s planned spin-off of its ice cream division, The Magnum Ice Cream Company (TMICC), is unlikely to deliver meaningful value creation. In a recent research note, analyst James Edwardes Jones reaffirmed an “underperform” rating with a price target of GBp 3,900 — around 14% below the current trading price of GBp 4,689.

RBC estimates that the separation will cut Unilever’s group EBITDA by 11–13% and reduce earnings per share by 1–3% over 2026–2027, even after planned share consolidation. The brokerage set a fair value of £38 per share based on an adjusted present value model, slightly below its price target, reinforcing its cautious view.

Although the demerger is expected to sharpen Unilever’s focus on its Beauty & Wellbeing segment, it also involves divesting its strongest-performing business. TMICC, which includes leading brands such as Magnum and Cornetto, currently has a market leadership score of around 250 compared with just over 100 for the remainder of Unilever’s portfolio. RBC highlighted that this would leave the company less dominant in its core markets.

Another area of concern is stranded costs—overheads tied to the departing unit—representing roughly 13% of ice cream revenue. While Unilever has outlined €800 million in productivity savings to mitigate this, RBC believes margin improvement will be difficult in a less favorable cost environment.

The report also questioned Unilever’s ability to meet its midterm target of 4–6% organic sales growth, with RBC forecasting just 2% annual volume growth. It noted that roughly a quarter of Unilever’s portfolio remains tied to non-core brands, adding to the challenge.

For TMICC as a standalone entity, RBC expects moderate upside, led by its away-from-home business, which benefits from higher margins and stronger structural growth. However, its at-home segment faces intense competition from private labels, particularly in the U.S., where store brands already hold about 18% market share.

Overall, RBC’s analysis suggests that while the spin-off may offer operational clarity, it removes Unilever’s most competitively advantaged business without significantly boosting growth or valuation.

HSBC Holdings (LSE:HSBA) has set aside $1.1 billion to cover potential liabilities arising from a lawsuit in Luxembourg connected to Bernard Madoff’s Ponzi scheme, one of the largest financial frauds in U.S. history. The legal action involves a claim brought by Herald Fund SPC seeking restitution of securities and cash related to the Bernard L. Madoff Investment Securities LLC fraud.

The Luxembourg Court of Cassation recently denied HSBC’s appeal regarding Herald’s securities restitution claim but accepted the subsidiary’s appeal on the cash restitution claim. The bank confirmed that it continues to defend the case through its subsidiary, while the reserve aims to ensure sufficient coverage for potential outcomes.

More about HSBC

HSBC Holdings is one of the world’s largest banking and financial services organizations, headquartered in London. It serves customers globally through retail banking, wealth management, commercial banking, and investment banking operations. The bank has a strong international presence across Europe, Asia, the Americas, the Middle East, and Africa.

Goodwin PLC (LSE:GDWN) has announced a sharp increase in profitability, with trading profit before tax expected to exceed £71 million for the financial year ending April 2026—doubling from the prior year. The surge is underpinned by strong performance across all business divisions, a healthy order book, and greater visibility in key defense and nuclear programs.

Reflecting its strong financial position and robust cash generation, the company has declared a special interim dividend of 532 pence per share to reward shareholders. In addition, Goodwin has strengthened its leadership team with the appointments of Adam Deeth as Finance Director and Anthony Thomas as Director, supporting its strategic growth plans.

The company’s stock outlook is supported by its strong financial performance and positive technical indicators. However, a high P/E ratio signals potential overvaluation, tempering overall sentiment.

More about Goodwin

Goodwin PLC operates within the engineering sector, specializing in manufacturing and supplying high-quality products to industries including defense, nuclear, and other strategic markets. The company is recognized for its strong order book and established market position, reflecting its capacity to deliver complex, high-value projects.

Eco Buildings Group PLC (LSE:ECOB) has announced the completion of groundworks and the start of ground floor construction on its 18-unit apartment development in Tirana, Albania. This milestone triggered a 10% contract payment of €220,000, representing the project’s first revenue inflow. The development forms part of a growing pipeline in Albania, with negotiations underway for additional apartment blocks. The project remains ahead of schedule, further cementing Eco Buildings’ position as a leader in sustainable modular housing solutions.

Although operational progress is strong, the company continues to face financial challenges, including issues around profitability and cash flow. Technical indicators signal bullish momentum, but an elevated RSI suggests caution. Valuation remains weak, reflecting negative earnings and the absence of dividends.

More about Eco Buildings Group

Eco Buildings Group Plc is a technology-driven construction company specializing in sustainable modular housing through its proprietary automated GFRG building system. This approach enables the rapid delivery of high-quality, cost-efficient homes and is certified across multiple jurisdictions. The company works with governments and developers worldwide to address urgent housing needs, spanning both affordable and high-end market segments.

Kromek Group plc (LSE:KMK) has reported a sharp increase in revenue for the first half of 2026, expecting at least £14.5 million compared to £3.7 million in the same period last year. This strong performance has been driven primarily by the company’s CBRN Detection division and a significant contribution from its agreement with Siemens Healthineers.

Kromek anticipates posting a profit before tax and positive adjusted EBITDA for the period, marking a turnaround from the previous year’s losses. These results bolster confidence in the company’s ability to meet full-year market expectations and highlight the growing commercial strength of its product portfolio.

The company’s outlook remains positive, supported by strong revenue growth and improving profitability. Technical indicators suggest bullish momentum, though caution is warranted as the RSI approaches overbought territory. Valuation metrics indicate fair pricing, with the P/E ratio reflecting a reasonable market position.

More about Kromek Group plc

Kromek Group plc is a UK-based developer of advanced radiation detection and bio-detection technologies, specializing in imaging and CBRN detection. Headquartered in County Durham with operations in the UK and US, the company supplies detector components for medical, security, and industrial markets and provides nuclear radiation detection solutions for global homeland defense. It is also advancing biosecurity technologies for the detection of airborne pathogens.