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Gold & Oil Rally, Silver Subdued

October 25, 2013 at 23:58 by Vladimir Vyun

Gold rose on the last trading day of this week on speculations that the Federal Reserve will not reduce monetary stimulus in the near future. Interestingly enough, silver was not able to follow. The Fed holds a policy meeting next week. The general consensus is that poor macroeconomic data and the recent government shutdown do not warrant monetary tightening. December futures for gold climbed $2.2 (0.16 percent) to close at $1,352.5 per troy ounce on COMEX. Contract for delivery of silver lost 0.8 percent to $22.64 per ounce.

Not all news from the United States was bad, and the positive reports supported prices for WTI crude oil. Durable goods orders jumped 3.7 percent in September, exceeding the analysts’ projection of 1.7 percent growth. Such data promises stronger demand for oil. WTI crude oil for delivery in December advanced $0.74 to settle at $97.85 per barrel on NYMEX. Brent grade of crude slipped $0.06 (0.06 percent) to $106.93 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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