Gold: High tension before important dates

On last Wednesday evening we will probably see the third rate cut this year in the USA. It should already be included in the gold price.


The Fed’s outlook on the gold markets is likely to be given much more attention. The more “deaf” it is, the greater the probability that the yellow precious metal will regain the 1,500 dollar mark. In addition, however, important US economic data could also give new impetus to crisis protection. In the afternoon, the agenda will include figures on GDP growth in the third quarter and the ADP monthly report on the situation on the US labor market. If they disappoint, this would be positive for gold. Important data will also be released on Thursday and Friday. In particular, the October report of the US Department of Labor (Friday) is likely to be watched closely on the gold markets.

On Wednesday morning the gold price presented itself with stable quotations. The most actively traded future on gold (December) rose by 0.80 to 1,491.50 dollars per troy ounce by 8.35 a.m. (CEST).


Crude Oil: API Weekly Report goes up in smoke

Although the American Petroleum Institute’s report published on Tuesday evening showed an unexpected drop in inventories of 600,000 barrels, oil prices slipped slightly due to growing concerns over the trade dispute between China and the US. According to an analyst survey published by Trading Economics, an increase of 500,000 barrels was expected. Now the market players are eagerly awaiting the “official” figures of the US Energy Information Administration, which are to be published around 4.30 pm.


On Wednesday morning the oil price presented itself with somewhat weaker quotations. Until around 8.35 a.m. (CEST) the next WTI future fell by 0.17 to 55.37 dollars, while its counterpart on Brent fell by 0.09 to 61.14 dollars.