Gold Down, US Interest Rates Up + Commodities

Gold Down, US Interest Rates Up + Commodities

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

  • Asian shares fall sharply after Wall St tumbles
  • Holdings in SPDR Gold Trust (GLD) rise for 1st time since July
  • US President Trump says Fed “crazy” for raising interest rates

In Asia

Gold

Gold prices inched down Thursday as strong US economic data potentially bolstered the chances of more US interest rate hikes over the next year, but a weaker USD curbed losses.

  • Spot gold was down 0.2% at $1,192.58 oz at 0430 GMT.
  • US gold futures edged up 0.2% to $1,195.90 oz.

Energy

Crude Oil fell to 2-week lows Thursday as it extended big losses from the prior session on a rout in global stock markets, with prices also hit by an industry report showing US Crude Oil inventories rose more than expected.

Supply worries also eased as Hurricane Michael likely spared Crude Oil assets from significant damage as it smashed into Florida, even as it caused at least 1 death, injuries and widespread destruction.

US Crude Oil output is expected to rise 1.39-M BPD to a record 10.74-M BPD, the EIA said in its monthly forecast Wednesday.

ICE Brent Crude Oil futures were down $1.32, or 1.6%, at $81.77 bbl by 0543 GMT.

NYMEX WTI Crude Oil futures were down by $1.10, or 1.5%, at $72.07 bbl, their lowest since 28 September.

Stocks

Stocks on major world markets pulled back 3-month lows Wednesday, with the benchmark S&P 500 stock index falling 3.3%, its biggest 1-day decliner since February.

Share markets in Asia fell to 19-month lows Thursday after Wall Street’s worst losses in 8 months led to broader risk aversion, a rise in market volatility gauges and concerns over overvalued stock markets in an environment of rapidly rising USD yields.

Commodities: Energy

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
NYMEX Crude Oil »
72.19 USD
-0.98
-1.36% Oct 18 2:11AM EDT CLc1
ICE Brent Crude »
81.88 USD
-1.21
-1.48% Oct 18 2:09AM EDT LCOc1
NYMEX RBOB Gasoline »
1.99 USD
-0.03
-1.55% Oct 18 2:09AM EDT RBc1
Dubai Crude Spot »
80.03 USD
-0.38
-0.47% Dec 02 2:19AM EDT DUB-1M
ICE Gas Oil »
727.50 USD
-11.00
-1.51% Oct 18 12:00AM EDT LGOc1
NYMEX No2 Heating Oil »
2.37 USD
-0.02
-0.97% Oct 18 2:09AM EDT HOc1
NYMEX Nat Gas »
3.26 USD
-0.03
-0.86% Oct 18 2:09AM EDT NGc1
ICE NBP Nat Gas »
70.13 GBP
+0.00
0.00% Oct 18 7:00PM EDT

Commodities: Metals

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
Gold Spot »
1,192.59USD
-1.77
-0.15% Dec 02 2:18AM EDT XAU=X
COMEX 100oz Gold »
1,189.30USD
+0.00
0.00% Oct 18 7:01PM EDT GCc1
Silver Spot »
14.25USD
-0.01
-0.07% Dec 02 2:18AM EDT XAG=X
Platinum Spot »
814.42USD
-4.58
-0.56% Dec 02 2:18AM EDT XPT=X
Palladium Spot »
1,066.50USD
-0.50
-0.05% Dec 02 2:18AM EDT XPD=X
COMEX Copper »
2.73USD
-0.04
-1.43% Oct 18 10:08PM EDT

Commodities: Agriculture Grains

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
CBOT Corn »
362.00USC
-0.75
-0.21% Dec 18 2:14AM EDT Cc1
CBOT Wheat »
509.50USC
-1.00
-0.20% Dec 18 2:13AM EDT Wc1
KCBT Wheat »
515.00USC
-1.25
-0.24% Dec 18 2:13AM EDT KWc1
MGE Spring Wheat »
591.75USC
+0.00
0.00% Dec 18 2:12AM EDT 1MWEc1
Euronext Milling Wheat »
202.75EUR
+0.00
0.00% Dec 18 12:29PM EDT BL2c1
CBOT Soybeans »
848.50USC
-3.75
-0.44% Nov 18 2:13AM EDT

Stay tuned…

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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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