Gold Dips, USD Firms, China China Eases + Commodities

Gold Dips, USD Firms, China China Eases + Commodities

$GLD, $SLV, $USD, $PLAT, $PALL, $USO, $OIL, $SOY, $CORN, $WEAT

In Asia

Gold prices inched lower Monday as USD firmed after China’s central bank eased its domestic policy to support the economy.

  •  Spot gold was down 0.2% at $1,200.31 oz at 0103 GMT, the precious Yellow metal gained 0.9% last week
  • US gold futures fell 0.1% to $1,204.40 oz.
  • USD was up 0.1% against a basket of 6 major currencies.
  • China’s PBoC Sunday announced a steep cut in the level of cash that banks must hold as reserves, stepping up moves to lower financing costs and spur growth amid concerns over the economic drag from an escalating trade dispute with the United States.
  • US job growth slowed sharply in September likely as Hurricane Florence depressed restaurant and retail payrolls, but the unemployment rate fell to near a 49-year low of 3.7%, pointing to a further tightening in labor market conditions.
  • The US Treasuries market declined for a 3rd day running Friday with the benchmark 10-year yield hitting a 7-year high, as a solid payrolls report fueled concerns about rising inflation and more interest rate hikes.
  • Federal Reserve Bank of New York President John Williams Friday endorsed the idea that the Fed will raise rates once more this year and 3X next year.
  • A bond market rout that drove yields through key levels has some investors prepared for another leg that may finally declare an end to a 30 yr Bull run.
  • The European Commission has told Italy it is concerned at its budget deficit plans for the next three years since they breach what the EU asked the country to do in July, but Rome insisted Saturday it would “not retreat” from its spending plans.
  • NKorean leader Kim Jong Un described his talks with US Secretary of State Mike Pompeo Sunday as “productive and wonderful,” state media KCNA said Monday, striking a positive tone compared with a previous state media stance when talks were stalled.
  • Holdings in SPDR Gold Trust, the world’s largest gold-backed ETF, fell 0.20% to 23,475,548.77 ounces
  • Speculators cut their net short position in COMEX gold by 4,186 contracts to 73,128 in week ended 2 October
  • Higher domestic prices dented demand for physical gold in India, prompting dealers to offer the biggest discounts in 3.5 months last week, while neighboring Bangladesh approved its first policy to regulate imports and exports of the metal.

Energy

ICE Brent Crude Oil prices fell more than 1% Monday after Washington said it may grant waivers to sanctions against Iran’s Crude Oil exports next month, and as Saudi Arabia was said to be replacing any shortfall from Iran

  • International benchmark Brent Crude Oil futures were at $83.26 bbl at 0352 GMT, down 90c, or 1.1%, from their last close.
  • NYMEX WTI Crude Oil futures were down 54c, or 0.7%, at $73.80 bbl.

US sanctions will target Iran’s Crude Oil exports beginning 4 November, and Washington has been putting pressure on governments and companies worldwide to cut their imports to Zero.

Commodities: Energy

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
NYMEX Crude Oil »
73.84 USD
-0.50
-0.68% Oct 18 12:29AM EDT CLc1
ICE Brent Crude »
83.40 USD
-0.76
-0.91% Oct 18 12:29AM EDT LCOc1
NYMEX RBOB Gasoline »
2.07 USD
-0.01
-0.69% Oct 18 12:25AM EDT RBc1
Dubai Crude Spot »
81.89 USD
-0.41
-0.50% Dec 02 12:37AM EDT DUB-1M
ICE Gas Oil »
729.25 USD
-12.00
-1.65% Oct 18 10:47PM EDT LGOc1
NYMEX No2 Heating Oil »
2.37 USD
-0.02
-0.74% Oct 18 12:29AM EDT HOc1
NYMEX Nat Gas »
3.19 USD
+0.05
+1.60% Oct 18 12:29AM EDT NGc1
ICE NBP Nat Gas »
75.33 GBP
+0.00
0.00% Oct 18 7:00PM EDT

 

Commodities: Metals

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
Gold Spot »
1,196.51USD
-5.94
-0.50% Dec 02 12:38AM EDT XAU=X
COMEX 100oz Gold »
1,196.60USD
-4.60
-0.38% Oct 18 9:41PM EDT GCc1
Silver Spot »
14.49USD
-0.09
-0.66% Dec 02 12:38AM EDT XAG=X
Platinum Spot »
814.00USD
-6.98
-0.86% Dec 02 12:38AM EDT XPT=X
Palladium Spot »
1,066.10USD
-2.88
-0.27% Dec 02 12:38AM EDT XPD=X
COMEX Copper »
2.75USD
+0.00
0.00% Oct 18 7:01PM EDT

Commodities: Agriculture

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
CBOT Corn »
368.50USC
+0.25
+0.07% Dec 18 12:32AM EDT Cc1
CBOT Wheat »
523.25USC
+2.25
+0.43% Dec 18 12:34AM EDT Wc1
KCBT Wheat »
526.50USC
+2.25
+0.43% Dec 18 12:33AM EDT KWc1
MGE Spring Wheat »
592.50USC
+1.25
+0.21% Dec 18 12:14AM EDT 1MWEc1
Euronext Milling Wheat »
203.50EUR
+0.00
0.00% Dec 18 12:29PM EDT BL2c1
CBOT Soybeans »
871.25USC
+2.25
+0.26% Nov 18 12:34AM EDT

Have a terrific week

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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