Gold Slips, USD Firms on Fed Rate Hike + Commodities

Gold Slips, USD Firms on Fed Rate Hike + Commodities

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

In Asia

Gold

Gold prices dipped Monday as the USD firmed in the wake of indications from the Fed last week that it will pursue a tighter monetary policy.

The Fed raised US interest rates last week and said it planned 4 more increases by the end of Y 2019 and another in Y 2020, due to steady economic growth and a strong job market.

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

Spot gold was down 0.3% at $1,188.41 oz at 0407 GMT.

Last Friday, gold touched its lowest mark since 17 August at $1,180.34 oz.

US gold futures were down 0.3% at $1,192.30 Monday in Asia.

Crude Oil

ICE Brent Crude Oil prices rose to their highest since November 2014 Monday ahead of US sanctions against Iran, the 3rd-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), that kick in next month.

NYMEX WTI Crude Oil futures up 20c, or 0.3%, at 73.46 bbl.

Trading activity will be low in China this week due to the Golden Week holiday there.

US President Donald Trump called Saudi Arabia’s King Salman Saturday, discussing ways to maintain sufficient supply once Iran’s exports are hit by sanctions.

COMMODITY FUTURES

Energy

ENERGY
COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
NYMEX Crude Oil »
73.46 USD
+0.21
+0.29% Oct 18 2:41AM EDT CLc1
ICE Brent Crude »
83.08 USD
+0.35
+0.42% Oct 18 2:41AM EDT LCOc1
NYMEX RBOB Gasoline »
2.09 USD
+0.01
+0.42% Oct 18 2:42AM EDT RBc1
Dubai Crude Spot »
80.42 USD
-0.71
-0.88% Dec 02 2:52AM EDT DUB-1M
ICE Gas Oil »
725.50 USD
+1.25
+0.17% Oct 18 2:41AM EDT LGOc1
NYMEX No2 Heating Oil »
2.36 USD
+0.01
+0.40% Oct 18 2:42AM EDT HOc1
NYMEX Nat Gas »
3.02 USD
+0.01
+0.40% Oct 18 2:35AM EDT NGc1
ICE NBP Nat Gas »
75.06 GBP
+0.00
0.00% Oct 18 7:00PM EDT

Metals

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
Gold Spot »
1,186.87USD
-4.82
-0.41% Dec 02 2:49AM EDT XAU=X
COMEX 100oz Gold »
1,185.80USD
-5.70
-0.48% Oct 18 2:45AM EDT GCc1
Silver Spot »
14.58USD
-0.02
-0.14% Dec 02 2:49AM EDT XAG=X
Platinum Spot »
811.80USD
-0.18
-0.02% Dec 02 2:49AM EDT XPT=X
Palladium Spot »
1,062.79USD
-10.19
-0.96% Dec 02 2:49AM EDT XPD=X
COMEX Copper »
2.77USD
-0.02
-0.61% Oct 18 1:34AM EDT

Agriculture

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
CBOT Corn »
357.00USC
+0.75
+0.21% Dec 18 2:49AM EDT Cc1
CBOT Wheat »
509.50USC
+0.50
+0.10% Dec 18 2:47AM EDT Wc1
KCBT Wheat »
512.25USC
+1.00
+0.20% Dec 18 2:38AM EDT KWc1
MGE Spring Wheat »
574.00USC
+1.50
+0.26% Dec 18 2:30AM EDT 1MWEc1
Euronext Milling Wheat »
201.50EUR
+0.00
0.00% Dec 18 12:29PM EDT BL2c1
CBOT Soybeans »
844.50USC
-1.00
-0.12% Nov 18 2:39AM 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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