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 | |
| ICE Brent Crude » |
85.07 USD
|
+0.49
|
+0.58% | Oct 18 | 2:25AM EDT | |
| NYMEX RBOB Gasoline » |
2.12 USD
|
+0.01
|
+0.69% | Oct 18 | 2:24AM EDT | |
| Dubai Crude Spot » |
83.07 USD
|
+0.33
|
+0.40% | Dec 02 | 2:35AM EDT | |
| ICE Gas Oil » |
741.00 USD
|
-2.25
|
-0.30% | Oct 18 | 2:23AM EDT | |
| NYMEX No2 Heating Oil » |
2.41 USD
|
+0.01
|
+0.53% | Oct 18 | 2:24AM EDT | |
| NYMEX Nat Gas » |
3.20 USD
|
+0.04
|
+1.25% | Oct 18 | 2:25AM EDT | |
| 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 | |
| COMEX 100oz Gold » |
1,197.30USD
|
+0.10
|
+0.01% | Oct 18 | 1:33AM EDT | |
| Silver Spot » |
14.58USD
|
+0.02
|
+0.16% | Dec 02 | 2:38AM EDT | |
| Platinum Spot » |
822.49USD
|
+0.51
|
+0.06% | Dec 02 | 2:40AM EDT | |
| Palladium Spot » |
1,058.80USD
|
+1.30
|
+0.12% | Dec 02 | 2:38AM EDT | |
| 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 | |
| CBOT Wheat » |
520.50USC
|
+2.50
|
+0.48% | Dec 18 | 2:33AM EDT | |
| KCBT Wheat » |
525.25USC
|
+3.00
|
+0.57% | Dec 18 | 2:04AM EDT | |
| MGE Spring Wheat » |
591.75USC
|
+2.00
|
+0.34% | Dec 18 | 2:23AM EDT | |
| Euronext Milling Wheat » |
202.75EUR
|
+0.00
|
0.00% | Dec 18 | 12:29PM EDT | |
| CBOT Soybeans » |
861.00USC
|
+1.75
|
+0.20% | Nov 18 | 2:36AM EDT |
Have a terrific weekend
Gold Flat, US NFPs the Focus + Commodities added by Paul Ebeling on
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Paul Ebeling
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