At the precious metals this morning, spot gold prices were off by 0.3% at $1, 189.00 per ounce, palladium prices were off by 0.5 percent, while silver prices were little changed and platinum prices were up by 0.3 percent. This follows a general day of strength last Friday that saw gold, silver and platinum prices grow from an average of 1.3 percent, while palladium prices eased by 0.8 percent. Silver was a star performer last Friday with costs putting in strong performance – given the size of the gross brief fund position there may be further room for brief covering today that prices seem to have put at a base.
The gold/silver ratio was lately at 1: 81.4, having been out at 1: 85 in latest weeks. Three month base metals prices on the London Metal Exchange were to get the most part firmer, the exception being aluminum at which prices have dropped by 0.4 percent at $6, 233 each tonne. The remainder were up between small changed to aluminum and 0.9% for lead. With Chinese markets closed to the Golden Week holiday to indicate the country’s National Day, volume was light with 1, 606 lots traded as at London time. This follows a day of general potency last Friday when the complicated closed up by an average of 1.2%, headed by a 3.3% growth in zinc rates.
In wider markets, place Brent crude oil prices were greater by 0.41% and were lately quoted at $83.18 per barrel whilst the market is worried about whether other oil producers will be capable To fill the gap due to continuing US pressure on nations to rein in their imports of Iranian oil. The yield on US 10 year treasuries has firmed to 3.0715%, having been as high as 3.1% Sept 26. The German 10 year bund return has firmed and has been recently offered at 0.4810%. Asian stock markets were mixed on Monday with Nikkei rising to 0.52 percent, carrying it to the maximum since 1991, although the ASX 200 is down 0.57% along with the Kospi is off 0.18 percent.
This follows a mixed function in Western markets, on Friday, at the US, the Dow Jones closed up by 0.07% in 26, 458.31, while in Europe, the Euro Stoxx 50 was down by 1.47% in 3, 399.20 – the latter dragged down by concerns over Italy’s spending budget plans. The dollar index carries on to respond favorably to the US rate rise with a move up to 95.25 and has done a fantastic job in negating the weakness seen over the past six months or so. With the dollar stronger and Europe facing problems on Brexit and Italy’s spending budget, the euro and sterling are poorer, as are the yen and the Australian dollar is consolidating.
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