Precious Metal and Energy Update

Precious Metal:

Gold futures fell 0.83%, or $14.5, to $1,737.50 per ounce.

Silver futures fell 1%, or 22.7 cents, to $22.467 per ounce.

Platinum contracts fell 1.63% or $15.9 to close at $961.9 per ounce.

Palladium fell 4.8%, or $93.50, to close at $1,854.20 per ounce.

Precious metals contracts were negatively impacted by rising 10-year government bond yields. Yesterday evening (September 28) government bond yields increased by 1.54%.

The strong dollar is another factor that presses on the precious metals at the moment. The DXY index rose 0.41% to 93.7686.

What could cause gold prices to rise again is the fear of rising inflation. At the hearing yesterday in the Senate Fed Chairman Powell admitted that inflation will be higher for some time. However, he sticks to his statement that this should only be transitory. In addition, the debt ceiling increase was rejected by the Senate. Should no agreement be found here threatens a government shutdown.

Energy

WTI crude futures fell 0.2%, or 16 cents, to $75.29 a barrel.

Brent crude futures fell 0.6%, or 44 cents, to $79.09 a barrel.

Crude oil futures eased as investors took profits after five consecutive days of price increases. However, the price is still above $75. In addition, the strength of the dollar pushed the price down.

Goldman Sachs expects oil futures to rise again to $90 per barrel due to the rapid economic recovery. In addition, limited oil production in the Gulf of Mexico, which has not yet returned to full capacity, has also pushed crude oil prices higher.

Investors are keeping an eye on today’s upcoming crude oil inventory report. This will include the OPEC+ oil production policy meeting on October 4. There will also be information on the development of oil production and the direction of the oil price.

The Spot Market is Open

Wednesday, September 29, 2021

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
12.55
1,739.60
1,740.60
+5.80
0.33%
1,733.20
1,742.40
Silver
12.54
22.46
22.56
+0.03
0.11%
22.39
22.65
Platinum
12.51
964.00
974.00
0.00
0.00%
963.00
980.00
Palladium
12.52
1,820.00
1,970.00
+15.00
0.83%
1,805.00
1,983.00
Rhodium
09.07
13,300.00
15,300.00
-200.00
-1.48%
13,300.00
15,500.00
Energy
Updated at

Price

Change

%Change
Crude oil
12.55

74.01

-1.28

-1.70%

Leave a Reply

Change Language
%d bloggers like this: