Gold futures rise 2% as speculative buying drives the market

Gold futures gained 2% to $1,760 on Thursday (September 30), mainly due to speculative buying by investors after falling for 2 consecutive days.

In addition, the gold price was also supported by the weakening of the dollar. This made gold contracts cheaper for holders of other currencies.

The dollar weakened from its biggest gain in a year to 94.19 from 94.504.

Gold futures rose 2%, or $34.1, to $1,757 per ounce.

Investors speculated that central banks no longer have inflation under control. Fed Chairman Powell has already announced that inflation will probably be transitory for longer. Inflation continues to rise in Europe. Data from Germany show an inflation of 4.1% at the moment. In addition, the U.S. unemployment figures rose.
Oil prices are also pointing to inflation. Oil prices are expected to rise from the current level of under $80 to $90 per barrel.

The U.S. Senate passed a temporary budget bill by a vote of 65 to 35. This means that the US federal authorities can continue to operate until December 3. The bill still has to be approved by President Biden.

All 50 Democratic members plus 15 Republican members voted for the bill.

The Spot Market is Open

Friday, October 1, 2021

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
12.35
1,751.20
1,752.20
-5.80
-0.33%
1,750.60
1,758.20
Silver
12.34
21.99
22.09
-0.17
-0.77%
21.99
22.29
Platinum
12.24
954.00
964.00
-7.00
-0.73%
954.00
973.00
Palladium
12.18
1,836.00
1,986.00
0.00
0.00%
1,826.00
1,994.00
Rhodium
05.00
12,050.00
14,050.00
0.00
0.00%
12,050.00
14,050.00
Energy
Updated at

Price

Change

%Change
Crude oil
12.35

74.83

-0.20

-0.27%

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