Will the oil prices rise?
The organization of the petroleum exporting countries (OPEC) and non-OPEC oil producers (Russia) will meet on July 1-2.
Gold rallies just by 2% in October
Active profit-taking on the yellow metal’s run in October left gold with a modest 2% profit as it concluded October trade on Wednesday.
On the Comex exchange, December delivery gold futures headed south by $10.30 concluding October at $1,215.30 an ounce.
Since this week started, the contract has gone down by 1.7% due to the fact that market participants cashed in profits of the last four weeks, which came as the yellow metal derived benefits from a rout in shares as well as a shaky greenback.
Factoring in the three-day dive, the yellow metal reported a 2% leap for October, which is its highest value since January. The previous week, it reported a 4% monthly profit, which is its most impressive outcome since July last year.
Assessing the American dollar’s purchasing power versus its main counterparts the USD index managed to reach 16-month maximums, further putting pressure on the yellow metal because worries of fierce trade conflict between China and America helped some market participants to consider this currency to be a good safe-haven and an alternative to gold.
Early bets for a highly-anticipated Fed rate increase in December, which would happen to be the fourth for the United States in 2018, also backed the evergreen buck at gold’s expense.
Meanwhile, American equities managed to head north on a resurgence in tech shares after some better-than-anticipated earnings.
As for other precious metals, silver futures inched up by 0.9% being worth $14.28 a troy ounce. For the month it headed south by 2.4%.
Palladium surged by 1.2% being worth $1,067.80 an ounce. Platinum futures gained 0.1% hitting $840.00. Palladium soared by 0.4% for the month, and platinum acquired 2.6%.
Copper went down by about 0.3% on the Comex exchange being worth $2.655 a pound.
Similar
The rally for the yellow metal
The dovish Fed pushed the price for the yellow metal up.
Gold reaches new high
The price for the yellow metal has crossed the level at $1,341.
Latest news
British inflation tacks on for the first time this year
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
Evergreen buck heads north
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
Gold ascends on Brexit jitters
On Tuesday, gold rallied because uncertainty over the latest developments in Britain’s departure from the EU backed safe haven demand and traders looked ahead for American inflation data to underpin the Fed’s pledge to remain on hold…
Deposit with your local payment systems
