Rising inflation, energy crisis, and the threat of stagflation make gold prices rise. The International Monetary Fund (IMF) has lowered its forecast for the global economy this year.
- Gold futures were up $3.6, or 0.21%, at $1,759.30 per ounce.
- Silver was down 15.1 cents, or 0.67%, at $22.514 an ounce.
- Platinum was up $4.8, or 0.48%, at $1,011.70 per ounce.
- Palladium was down $71.70, or 3.4%, at $2,047.80 an ounce.
The International Monetary Fund (IMF) has lowered its global growth forecast for this year to 5.9% from 6.0% in July. However, it maintained its forecast for global economic growth of 4.9% next year. The IMF said the main factor affecting the global economic recovery is supply chain issues. It will be particularly bleak for low-income developing countries.
Inflation in wealthy countries has caused the prices of goods to rise, making it more expensive for poor countries to purchase goods.
Crude oil futures rose for the fourth day in a row. Positive factors for oil prices are higher global oil demand and supply shortages since the economy began to recover from the Covid 19 virus.
- WTI crude futures were up 12 cents, or 0.2%, at $80.64 a barrel.
- Brent crude futures were down 23 cents, or 0.3%, at $83.42 a barrel.
The U.S. dollar is strengthening against the other major currencies. It is supported by the Fed, which has planned to reduce its QE program next month. Concerns about rising energy prices have also boosted the dollar as a perceived safe-haven currency.
- The U.S. dollar’s movement index against six other major currencies rose 0.22% to 94.5220.
- The yen weakened to 113.66 yen from 113.32 yen.
- The Swiss Franc weakened to 0.9308 francs from 0.9272 francs.
- The U.S. dollar weakened against the Canadian dollar from 1.2479 Canadian dollars to 1.2462 Canadian dollars.
- The euro was lower at $1.1529 from $1.1560.
- The pound fell to $1.3593 from $1.3609.
- The Australian dollar was held at $0.7353.
The thai baht was 33.67 baht per dollar.
The Spot Market is Open
Wednesday, October 13, 2021