Gold Falls After PCE Figures, WTI Closes 76 Cents Higher

Gold contracts closed lower last night (Oct 29).

  • Gold futures fell $18.7, or 1.04%, at $1,783.9 per ounce.
  • Silver was down 17.1 cents, or 0.71%, at $23.949 an ounce.
  • The platinum contracts were down $3.2, or 0.31%, at $1,020.7 per ounce.
  • The palladium contracts were down $9.10, or 0.5%, at $1,980.30 an ounce.

Gold contracts have been pressured by the strength of the dollar because gold contracts are priced in dollars, which is more expensive for investors holding other currencies.

The U.S. economic data released yesterday were mixed. Personal spending by U.S. consumers rose by 0.6% in September, while personal income fell by 1.0% in September.

The price index for personal consumption expenditures (PCE), including food and energy, rose 0.3% in September, the largest month-on-month increase since January. 1991. The PCE index was driven by rising inflation, which continues to push up food and energy prices.

And the PCE base index, which excludes the food and energy categories. It is a measure of inflation for the U.S. Federal Reserve and rose by 0.2% in September.

In addition, the U.S. consumer confidence index fell to 71.7 in October from 72.8 in September.

The U.S. dollar strengthened against major currencies as investors looked ahead to U.S. inflation data.

  • The dollar’s movement index against six major currencies in a basket of currencies rose 0.82% to 94.1169.
  • The US dollar strengthened against the yen at 113.91 yen from 113.46 yen.
  • The dollar strengthened against the Swiss franc at 0.9154 francs from 0.9118 francs.
  • The US dollar strengthened against the Canadian dollar at 1.2373 Canadian dollars from 1.2347 Canadian dollars.
  • The euro was lower against the dollar at $1.1560 from $1.1683.
  • The pound fell to $1,3690 from $1.3787.
  • The Australian dollar fell to $0.7525 from $0.7538.

WTI crude futures were up 76 cents, or 0.9%, at $83.57 a barrel.

BRENT crude futures were up 6 cents, or 0.1%, at $84.38 a barrel.

On average, WTI crude futures gained more than 11% in October, while Brent crude futures rose 7.5%.

Crude oil futures closed higher, helped by the forecast that OPEC+ will continue to increase its oil production by only 400,000 barrels per day in December. OPEC+ is defying pressure from the U.S. and India to increase production more to slow the rise in oil prices.

In addition, oil prices have also been supported by tight market conditions as global demand for oil increases while the global economy recovers from the COVID-19 virus.

Investors will keep an eye on the OPEC+ meeting to set oil production policy for December on November 4.

The Spot Market is Closed

Saturday, October 30, 2021

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
04.00
1,784.10
1,785.10
-15.00
-0.83%
1,770.90
1,802.40
Silver
04.00
23.89
23.99
-0.16
-0.67%
23.63
24.16
Platinum
04.00
1,018.00
1,028.00
+1.00
0.10%
1,002.00
1,032.00
Palladium
04.00
1,937.00
2,087.00
+19.00
0.99%
1,868.00
2,091.00
Rhodium
04.00
13,250.00
15,250.00
0.00
0.00%
13,250.00
15,250.00
Energy
Updated at

Price

Change

%Change
Crude oil
11.30

83.22

+0.41

0.50%

Leave a Reply

Change Language
%d bloggers like this: