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Commodities on the Rise Ahead of Fed

October 28, 2015 at 16:22 by Vladimir Vyun

Commodities were rising today ahead of the upcoming monetary policy announcement from the Federal Reserve. Traders hope that the Fed’s statement will be dovish. If that is indeed that case, then it should be bullish for commodities, driving the dollar down and encourage speculators to take more risk.

Crude oil managed to demonstrate huge gains even though US stockpiles continued to grow. The Energy Information Administration reported that inventories swelled by 3.4 million barrels to 480.0 million barrels last week, staying near the record level for this time of year.

December contract for gold climbed 1.12 percent to $1,178.9 per troy ounce as of 16:14 GMT on COMEX today. Silver jumped 2.72 percent to $16.30 per ounce. Copper was up 0.21 percent to $2.367 per pound. Futures for WTI crude oil soared as much as 5.53 percent to $45.59 per barrel on NYMEX. Brent crude surged 4.51 percent to $48.92 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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