The release of crude oil inventories earlier today showed a surprise increase in the number of barrels.
Gold shows fifth winning week
An anemic Wall Street still appears to be the yellow metal’s best hope for a soar toward $1,300. However, escalating trade conflict rhetoric as well as a potential Democratic win in the American midterm elections could also act as drivers for gold that reported a fifth winning week on Friday.
December delivery gold futures concluded Friday down 0.4% ending up with $1,233.30 a troy ounce. However, the contract has managed to leap by 0.1% for the week.
In general, since September 21, the yellow metal has concluded every week up, reporting a cumulative 3.5% ascend for the last five weeks.
Notwithstanding the threat of higher interest rates, and with the Fed hinting at the fourth lift already in December, the yellow metal has managed to remain above the $1,200, which is especially crucial for the psyche of bulls in the financial markets.
October’s rout in America as well as global equities, to say nothing of the on-again-off-again trade negotiations with China have spurred gold’s appeal as a safe haven.
On Friday, American equities managed to extend their dive because trade optimism receded after Larry Kudlow, White House economic adviser told US leader hasn’t urged American officials to come up with a proposed trade plan for China.
Some market participants are also opting for gold as a safe haven against a probable Democratic win in American midterm elections next Tuesday.
As for other precious metals traded on COMEX, one should mention silver futures, which managed to head north by 3.7% reaching $14.75 a troy ounce.
Aside from that, palladium tacked on by 1.6% being worth $1,098.70 an ounce. As for platinum, it edged up by up to 1.2% coming up with $873.30.
As for base metals, copper futures rallied by 2.2% on the Comex exchange trading at $2.72 a pound.
The yellow metal reached the highest levels in 6 years amid the global risk aversion.
The yellow metal could not stay for a long time near the $1,401 level.
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