The gold price fell $1.80, or 0.1%, to $1,757.4 per ounce, closing the week down $1.
Silver futures rose 4.7 cents, or 0.21%, to $22.71 an ounce.
Platinum prices rose $42.90, or 4.35%, to close at $1,028.20 per ounce.
Palladium prices rose $118, or 6%, to $2,073 per ounce.
Gold contracts closed lower last night (Oct. 8) after the 10-year U.S. Treasury bond yield rose to 1.603%. This increases the opportunity cost of owning gold, as gold is an asset that does not yield interest.
U.S. Treasury yields rise to their highest level in months after the U.S. Department of Labor released lower-than-expected employment figures for September. While the market still expects the U.S. Federal Reserve (Fed) to start its plan to reduce asset purchases this year.
The U.S. Labor Department said Friday that nonfarm payrolls rose by 194,000 in September, compared with 366,000 jobs in the previous month of August.
However, the unemployment rate fell to 4.8% in September. This is the lowest level since February 2020.
WTI crude futures rose $1.05, or 1.3%, to $79.35 a barrel. It was the highest close since October 31, 2014, and represents a 4.6% increase for the week.
Brent crude futures rose 44 cents, or 0.5%, to $82.39 a barrel and were up 3.9% for the week.
Crude oil futures closed higher tonight (Oct. 8) amid tight global energy supplies that sent U.S. crude prices to their highest level in nearly seven years. While major energy producers are struggling to meet rising demand.
The crude oil contract has risen as investors expect oil supplies to tighten while economies in other countries begin to recover from the effects of the Covid 19 virus.
The rise in gas prices in Europe has also contributed to an increase in oil demand. Some countries are already considering switching to oil due to rising gas prices.
The Spot Market is closed
Saturday, October 9, 2021