prices settled in positive territory for the first time since “Black Monday” as
rebounding oil prices supported the precious metals.
for December settlement on the Comex division of the New York Mercantile
Exchange jumped $11.40 to settle at $1,134.0 per ounce. The yellow-metal fell
four straight sessions before today.
and equities have recovered after plummeting on Monday – the term “Black
Monday” became so popular it was trending in the US on Twitter, a social media
sweet crude (WTI) oil futures fell below $40 per barrel this week, but
recovered and were last up $2.68 or 6.3 percent to $45.24 per barrel.
metals were dragged up in a typical Friday retracement buoyed by a resurgent
oil market which has risen about 15 percent in two days,” Triland Metals said
in a note.
SPDR Gold trust – the world’s largest gold exchange-traded-fund – saw inflows
of 1.5 tonnes yesterday, demonstrating that gold is still an attractive
investment option for market participants.
news, investors will parse the language
of various Fed officials during the multi-day Jackson Hole Symposium in Wyoming
for any clues on the central bank’s decision whether to raise interest rates or
should be noted that Federal Reserve Chairwoman Janet Yellen is not in
US data today, Core PCE price index was in-line with estimates at a 0.1 percent
increase, with personal income coming also matching expectations of 0.4 percent
personal spending rose 0.3 percent, below forecast of 0.4 percent.
University of Michigan consumer sentiment was at 91.9,
missing the consensus of 93.2, while inflation came in at 2.9 percent, above
the previous reading of 2.8 percent.
to wider markets, UK
second estimate GDP quarter-over-quarter matched consensus at 0.7 percent,
while preliminary business investment quarter-over-quarter jumped 2.9 percent,
above the projected 1.6 percent gain.
US equities, the Dow Jones industrial average and S&P were down 0.4 percent
and 0.3 percent respectively, while the dollar was 0.5 percent stronger at
$1.1185 against the euro.
for the other precious metals, Comex silver for September delivery increased
11.30 cents to $14.530 per ounce. Trade has ranged from $14.340 to $14.650.
for October delivery on the Nymex rose $15.60 to $1,021.60 per ounce, while the
most-actively traded palladium contract was at $588.00 per ounce, up $20.30.
Edited by SHMET