Gold Flat, US NFPs the Focus + Commodities

Gold Flat, US NFPs the Focus + Commodities

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

In Asia

Gold prices were steady Friday as investors remained cautious after US Treasury yields hit multi-year peaks on expectations that stronger monthly employment data could boost the Fed’s case for a tighter monetary policy.

Investors are expected to carefully cover the US government’s September NFPs report scheduled for release Friday and look closely for signs of wage growth.

Economists on average expect a rise of 185,000 in September after a rise of 201,000 in August.

  • Spot gold inched down 0.1% at $1,198.41 oz at 0446 GMT. It gained 0.6% on the week, and on track to mark its biggest weekly gainer in 6.
  • US gold futures were up 0.1% at $1,202.3 oz.

A robust NFPs print coupled with signs of rising wage growth may kindle expectations that the Fed’s tightening policy will happen faster than projected.

Higher interest rates tend to boost USD and drive bond yields up, putting pressure on gold prices by increasing the opportunity cost of holding the non-yielding precious Yellow metal.

 

USD

The .DXY stood strong Friday Vs its major peers, as investors evaluated the impact of a 2-day global soverign bond rout that has lifted US Treasury yields to 7-year highs.

 

Energy

Crude Oil prices rose Friday as traders anticipated a tighter market due to US sanctions against Iran’s crude exports, which are set to start on 6 November.

International benchmark ICE Brent Crude Oil futures were at 84.98 bbl at 0504 GMT, + 40c, or 0.5% from their last close.

US NYMEX WTI Crude Oil futures were + 47c, or 0.6%, at 74.80 bbl.

An expectation of tighter markets is fueling Bullish Crude Oil market sentiment.

Financial traders have accumulated bullish long positions betting on a further rise in prices amounting to almost 1.2-B barrels of Crude Oil.

Meanwhile, the number of short positions in the 6 most important petroleum futures and options contracts has fallen to the lowest level since before Y 2013, creating a near-record imbalance between Bullish and Bearish positions in financial Crude Oil markets.

Energy

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
NYMEX Crude Oil »
74.91 USD
+0.58
+0.77% Oct 18 2:25AM EDT CLc1
ICE Brent Crude »
85.07 USD
+0.49
+0.58% Oct 18 2:25AM EDT LCOc1
NYMEX RBOB Gasoline »
2.12 USD
+0.01
+0.69% Oct 18 2:24AM EDT RBc1
Dubai Crude Spot »
83.07 USD
+0.33
+0.40% Dec 02 2:35AM EDT DUB-1M
ICE Gas Oil »
741.00 USD
-2.25
-0.30% Oct 18 2:23AM EDT LGOc1
NYMEX No2 Heating Oil »
2.41 USD
+0.01
+0.53% Oct 18 2:24AM EDT HOc1
NYMEX Nat Gas »
3.20 USD
+0.04
+1.25% Oct 18 2:25AM EDT NGc1
ICE NBP Nat Gas »
74.80 GBP
+0.33
+0.44% Oct 18 2:25AM EDT

Metals

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
Gold Spot »
1,199.47USD
+0.21
+0.02% Dec 02 2:38AM EDT XAU=X
COMEX 100oz Gold »
1,197.30USD
+0.10
+0.01% Oct 18 1:33AM EDT GCc1
Silver Spot »
14.58USD
+0.02
+0.16% Dec 02 2:38AM EDT XAG=X
Platinum Spot »
822.49USD
+0.51
+0.06% Dec 02 2:40AM EDT XPT=X
Palladium Spot »
1,058.80USD
+1.30
+0.12% Dec 02 2:38AM EDT XPD=X
COMEX Copper »
2.77USD
+0.00
0.00% Oct 18 3:09PM EDT

Agriculture

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
CBOT Corn »
368.25USC
+0.75
+0.20% Dec 18 2:32AM EDT Cc1
CBOT Wheat »
520.50USC
+2.50
+0.48% Dec 18 2:33AM EDT Wc1
KCBT Wheat »
525.25USC
+3.00
+0.57% Dec 18 2:04AM EDT KWc1
MGE Spring Wheat »
591.75USC
+2.00
+0.34% Dec 18 2:23AM EDT 1MWEc1
Euronext Milling Wheat »
202.75EUR
+0.00
0.00% Dec 18 12:29PM EDT BL2c1
CBOT Soybeans »
861.00USC
+1.75
+0.20% Nov 18 2:36AM EDT

Have a terrific weekend

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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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