The gold futures were up $10.5, or 0.58%, at $1,806.8 per ounce.
Silver futures were up 14.3 cents, or 0.58%, at $24.592 an ounce.
The platinum contracts were up $11.7, or 1.11%, at $1,063.8 per ounce.
Palladium was up $12.60, or 0.6%, at $2,048.20 an ounce.
Gold futures hit the highest level in almost 6 weeks as investors continue to buy safe assets amid concerns about the impact of inflation.
Gold futures also received support when the yield on the 10-year U.S. Treasury note fell to 1.624%. The decline in U.S. government bond yields will reduce the opportunity cost of owning gold.
Investors will keep an eye on the Bank of Japan and the European Central Bank’s monetary policy meeting on Thursday. While the U.S. Federal Reserve will hold a meeting on 2-3 Nov.
WTI crude futures settled at $83.76 per barrel.
BRENT was up 46 cents, or 0.5%, at $85.99 per barrel.
WTI crude oil futures above $85 intraday. It was the highest level in 7 years. This was due to tightness in the oil market amid rising global demand for oil during the economic recovery from the relief of the Covid 19 pandemic shutdown.
In addition, the International Energy Agency (IEA) reports that supply in the oil market will be very low in the near term. Moreover, the U.S. oil rig count fell for the first time in seven weeks, dropping by two to 443 last week. This indicates a trend toward lower oil production.
Investors are looking ahead to the November 4 meeting of OPEC+ groups to set oil production policy for December, as well as the weekly U.S. crude oil inventory report, which will be released tomorrow.
The Spot Market is Open
Tuesday, October 26, 2021