Gold Drops from $1,800, WTI Up 89 Cents

The gold contracts were down $13.4, or 0.74%, at $1,793.4 per ounce.

Silver was down 50.4 cents, or 2.05%, to close at $24.088 an ounce.

The platinum contracts were down $30.9, or 2.9%, at $1,032.9 per ounce.

Palladium contracts for December fell $43.40, or 2.1%, to close at $2004.80 an ounce.

Traders sell gold for profit taking when the dollar strengthened, gold fell below $ 1,800. Gold thus becomes more expensive and less attractive for investors holding other currencies.

The DXY index, which measures the dollar’s performance against the six major currencies in a basket of currencies, rose 0.14% to 93.9425.

The consumer confidence index rose to 113.8 in October from 109.8 in September. The consumer confidence index was driven by strong trends in the labor market, it also prompts investors to sell gold as a safe haven.

The U.S. Commerce Department reported that new home sales rose 14% in September to 800,000 units. The median price for new homes rose 18.7% in September to $408,800.

WTI crude futures were up 89 cents, or 1.1%, at $84.65 a barrel.

BRENT crude futures were up 41 cents, or 0.5%, at $86.40 a barrel.

Crude oil contracts were positively affected by the tense situation in the oil market. This is due to rising demand as the global economy begins to recover from COVID-19.

In addition, oil prices were driven by China’s energy demand in cold climates. Power generators are turning to crude oil and diesel following the rise in coal and natural gas prices.

Investors are looking ahead to the OPEC+ meeting on November 4. There, the oil production policy for the month of December will be determined. In addition, the U.S. crude oil inventory report of the EIA will be published today.

The Spot Market is Open

Wednesday, October 27, 2021

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
11.40
1,789.50
1,790.50
-3.70
-0.21%
1,787.10
1,795.90
Silver
11.40
24.07
24.17
-0.08
-0.33%
23.96
24.28
Platinum
11.40
1,021.00
1,031.00
-5.00
-0.49%
1,018.00
1,038.00
Palladium
11.40
1,946.00
2,096.00
+8.00
0.41%
1,928.00
2,100.00
Rhodium
05.00
13,250.00
15,250.00
0.00
0.00%
13,250.00
15,250.00
Energy
Updated at

Price

Change

%Change
Crude oil
11.40

84.11

-0.54

-0.64%

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