On Wednesday prices for precious metals were supported with gold and silver hitting almost 1%, copper up 0.5% and platinum gaining almost 2.5%. Nearly 2/3rds of that was due to greenback weakness.
Comex gold for December delivery was last up 0.20% to $1,148.20 an ounce.
Comex silver for December delivery lost 0.65% to trade at 15.55 an ounce.
December copper on the Comex was last up 0.51% to settle at 2.367.
The U.S. dollar was broadly lower today, with the dollar index last seen at 95.545, on sentiment that the Federal Reserve will not be raising rates this year. The move helped push dollar-denominated commodities up in price, including precious metals.
Among other commodity news, the oil market provides positive signs with Brent hitting $52 a barrel and WTI rising to $49.63 a barrel.
“We have reduced the probability of a return to the $37-38 area per
nearby [dated] WTI," said Jim Ritterbusch of oil consultancy Ritterbusch
& Associates in North Wabash, Chicago. "We will maintain a long
standing view that price declines below this support level are virtually
off of the table.”
There has been much gossip that Saudi Arabia and the rest of OPEC are going to have a sit down with Russian about how to nudge prices higher.
The U.S. Energy Information Administration said in its Short-Term Energy Outlook issued yesterday that total world supply is predicted to climb to 95.98 million barrels a day in 2016, 0.1% less than forecast last month.
Global oil demand will rise by the most in six years in 2016 while non-OPEC supply stalls, according to the monthly U.S. energy report that suggests a glut of crude is easing more quickly than expected. Demand is going to creep up by 0.2% next year.
