Gold rose last night (Oct 20).
The gold futures were up $14.4, or 0.81%, to $1,784.9 per ounce.
Silver futures were up 56.2 cents, or 2.35%, to close at $24.445 an ounce.
The platinum contracts were up $5.2, or 0.5%, to $1,052.3 per ounce.
The palladium contracts were down $18.50, or 0.9%, to $2,082.40 an ounce.
The gold market was driven by the devaluation of the dollar. This makes gold cheaper and more attractive for investors holding other currencies.
The movement index of the dollar against six other major currencies in a basket of currencies decreased by 0.18% to 93.5626.
Analysts said inflation concerns and supply chain issues have driven investors to buy gold as a safe haven. This will continue to drive the gold price up.
Meanwhile, gold prices are expected to surpass $1,800 due to rising gold demand in India and China.
Crude oil futures closed in positive territory for the fifth day in a row.
WTI crude rose 91 cents, or 1.1%, to $83.87 a barrel.
BRENT crude rose 74 cents, or 0.9%, to $85.82 a barrel.
The U.S. Energy Information Administration (EIA) reported a 400,000 barrel decline in U.S. crude oil inventories last week. By contrast, analysts had expected an increase of 2 million barrels, suggesting that U.S. oil demand remains strong.
Crude oil inventories at Cushing, Oklahoma, the delivery point for U.S. crude oil futures, fell by 2.4 million barrels.
Gasoline inventories fell by 5.4 million barrels and refined oil inventories. heating oil and diesel, down 3.9 million barrels.
Crude oil demand is also driven by China’s energy demand in cold climates, and power generators are turning to crude oil and diesel to replace high prices for coal and natural gas. In addition, oil demand is increasing as many economies open up.
The Spot Market Open
Thursday, October 21, 2021