According to yesterday’s news OPEC is considering further production cuts. The next meeting of oil-producing countries is scheduled for December 5-6. The announcement pushed the oil prices up yesterday.
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.
Today, the euro shows a double-top pattern against the CHF, which may be used by the bears if the pattern is confirmed.
Australia will publish the level of employment change and the unemployment rate at 2:30 MT on November 14.
The euro and the Australian dollar growing against the USD, the British pound in a correction after Monday's rise