Gold Rises, Oil Sheds 2%

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Gold contracts closed positive last night (27 Oct).

The gold futures were up $5.4, or 0.3%, at $1,798.8 per ounce.

Silver futures were up 10.3 cents, or 0.43%, at $24.191 an ounce.

The platinum contracts were down $13.6, or 1.32%, at $1,019.3 per ounce.

The palladium contracts were down $30.50, or 1.5%, at $1,974.30 an ounce.

Gold contracts rose as the yield on the 10-year U.S. Treasury bond fell below 1.6%. The depreciation of the dollar is also a positive factor for the gold market.

The movement index of the dollar DXY against six other major currencies in a basket of currencies was 0.14% lower at 93.8082.

Gold contracts were also driven by rising gold demand in China and buying pressure on safe havens following the release of poor economic data from the US.

The U.S. Commerce Department reported that demand for durable goods lasting three years or longer fell 0.4% in September after rising 1.3% in August.

Investors are closely following bank meetings around the world, with the Bank of Japan (BOJ) and the European Central Bank (ECB) meeting today.

Crude oil futures fell more than 2% after the U.S. Energy Information Administration (EIA) reported an increase in U.S. crude oil inventories.

WTI crude futures were down $1.99, or 2.4%, at $82.66 a barrel.

BRENT crude futures were down $1.82, or 2.1%, at $84.58 a barrel.

Last week, the EIA reported a 4.3 million barrel increase in U.S. crude oil inventories. As a result, crude oil contracts fell. This is in line with the American Petroleum Institute (API), which had previously reported that U.S. crude oil inventories rose by 2.3 million barrels last week.

The EIA also reported that crude oil inventories at Cushing, Oklahoma, the delivery point for U.S. crude oil fell by 3.9 million barrels. Gasoline inventories fell 2 million barrels and refined oil, heating oil and diesel inventories fell 400,000 barrels last week.

The Spot Market is Open

Thursday, October 28, 2021

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
12.00
1,801.60
1,802.60
+4.60
0.25%
1,794.30
1,804.80
Silver
12.00
24.06
24.16
+0.03
0.12%
23.94
24.17
Platinum
12.00
1,013.00
1,023.00
+4.00
0.40%
1,006.00
1,024.00
Palladium
12.00
1,906.00
2,056.00
+14.00
0.74%
1,882.00
2,056.00
Rhodium
05.00
13,300.00
15,300.00
0.00
0.00%
13,300.00
15,300.00
Energy
Updates at

Price

Change

%Change
Crude oil
12.00

81.26

-1.40

-1.69%

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