The Federal Reserve and the FDIC have extended the deadline for comments on a proposal governing bank credit to executive officers, directors, principal shareholders and their related interests to Nov. 4, after commenters requested more time. The proposal would raise the limit for executive-officer loans not otherwise authorized by law, such as auto loans and unsecured personal loans, from $100,000 to $400,000. It would also raise the aggregate insider credit threshold requiring prior board approval from $500,000 to $2 million. The agencies further propose adjusting these thresholds automatically every five years based on changes in nominal U.S. gross domestic product.
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SPDR Gold Trust, the world's largest gold fund, continued net selling of nearly 12 tonnes of gold in the 22/10 session, bringing total sales over 2 sessions to nearly 15 tonnes and cutting its holdings to about 1,046 tonnes. Spot gold fell more than 2.8% to around USD 4,025 per ounce at the close of 22/10, and briefly dipped below USD 4,000 per ounce in the morning session of 23/10. Tensions in the Middle East pushed crude oil prices higher, raising concerns about inflation and further Fed tightening, and gold has still not attracted sustained safe-haven demand even as US Treasury yields fell. US September CPI rose 0.6% month on month and 3.7% year on year, while PPI rose 1.3% and 6.3%. Markets price about an 84% chance the Fed holds rates steady at its 27-28/10 meeting and a 16% chance of a 25 basis-point increase; September PCE data due on 29/10 is the next key factor to watch.
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