Gold is pushing higher on Thursday after the third quarter earnings release from Nvidia triggered a decline in stock markets. Although Nvidia’s Q3 earnings beat estimates and were initially met with euphoria, the stock itself slumped 3.0% following the release. 

The unintuitive response was put down to the results not quite being good enough to match “the sky-high expectations for the AI colossus,” according to Forbes. The overall risk-off tone left in the wake of the disappointment led to a broad decline in investor sentiment, which for Gold and other safe-haven assets was positive news.  

The US Dollar (USD), meanwhile, is edging slightly lower after surging on Wednesday. The Greenback appears to have been stopped in its tracks by commentary from Federal Reserve (Fed) speakers suggesting the Fed should push ahead with its plan to cut interest rates amid falling inflation. This goes surprisingly against the widespread view that inflation will rise under a Trump presidency.

Bank of New York President John Williams said he “sees inflation cooling and interest rates falling further,” in an interview with Barron's on Thursday. This followed similar comments from Federal Reserve Bank of Boston President Susan Collins, who said on Wednesday that more interest-rate cuts are needed, but policymakers should proceed carefully.