Precious Metals and Energy Overview

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Metals

Gold futures were up $3.2, or 0.18%, at $1,797.90 per ounce.

Silver futures were up 30.7 cents, or 1.32%, at $23.477 an ounce.

Platinum was up $28.1, or 2.74%, at $1,052.30 per ounce.

Palladium rose $44.80, or 2.1%, at $2,150.90 an ounce.

Gold futures rallied after 10-year U.S. Treasury bond yields fell to 1.519%, the lowest since Oct. 4.

In addition, the depreciation of the dollar is a positive factor for gold, because gold becomes cheaper and more attractive for investors who hold other currencies.

The movement index of the dollar against six other major currencies in a basket of currencies was 0.14% lower at 93.9578.

At the September meeting of the Federal Reserve already many members showed their agreement to begin the reduction of the QE program already this year. Now the Fed is expected to start tapering around mid-November.

Energy

WTI crude futures rose 87 cents, or 1.1%, to $81.31 a barrel. This is the highest level in 7 years.

Brent crude futures rose 82 cents, or 1%, to $84 a barrel. This is the highest level since Oct. 2018.

Crude oil rallied after Saudi Arabia rejected U.S. calls for OPEC+ to further increase oil production to curb the rise in energy prices.

So far, OPEC+ has made major efforts to protect the oil market from fluctuations in natural gas and coal prices.

The price of oil has increased by 29%, while the price of natural gas has increased by 500%, coal prices have increased by 300%, and the price of liquefied natural gas (NGL) has increased by 200%.

Some countries have already switched from natural gas to oil for power generation because oil is currently more attractive.

The IEA expects global oil demand growth to increase by 210,000 barrels per day in 2022. This means global oil demand will be 99.6 million barrels per day in 2022.

The Spot Market is Open

Friday, October 15, 2021

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
11.50
1,794.40
1,795.40
-1.70
-0.09%
1,793.70
1,797.50
Silver
11.50
23.47
23.57
-0.03
-0.13%
23.43
23.67
Platinum
11.50
1,053.00
1,063.00
+1.00
0.10%
1,049.00
1,066.00
Palladium
11.50
2,082.00
2,232.00
+5.00
0.24%
2,058.00
2,238.00
Rhodium
05.00
13,200.00
15,200.00
0.00
0.00%
13,200.00
15,200.00
Energy
Updated at

Price

Change

%Change
Crude oil
11.50

81.88

+0.57

0.70%

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