Business News Asia
Gold contracts closed higher yesterday evening (November 5). This was supported by the decline in U.S. bond yields, after the announcement of the number of non-farm payrolls in the United States.
- Gold futures were up $23.3, or 1.3%, at $1,816.8 per ounce.
- Silver futures were up 24.6 cents, or 1.03%, to close at $24.157 an ounce.
- Platinum was up $6.5, or 0.63%, at $1,035.8 per ounce.
- The palladium futures were up $31.20, or 1.6%, at $2,027.60 an ounce.
The gold contract rose back above the $1,800 mark, closing the market at its highest level since early September. This came on the heels of nonfarm payrolls figures, which rose by 531,000 in October, up from 312,000 jobs in September
The unemployment rate dropped to 4.6% from 4.8% in September.
In addition, the yield on 10-year US government bonds fell to 1.458%. This also supports the gold price as the cost of holding gold is reduced since gold is an asset that does not yield interest.
In addition, inflation fears have also pushed up the price of gold.
Crude oil closed in the plus. The decisive factor was the concern about the tight oil supply. After the OPEC+ meeting, it was decided not to increase oil production additionally in December. This came after the U.S. exerted pressure to increase production further.
- WTI crude futures were up $2.46, or 3.1%, at $81.27 a barrel.
- Brent crude futures were up $2.20, or 2.7 percent, at $82.74 a barrel.
OPEC+ confirmed on Thursday that it will continue to operate as planned and increase oil production to just 400,000 barrels per day in December.
The oil market was also driven by the unexpectedly good U.S. jobs report.
The Spot Market is Closed
Saturday, November 6, 2021