by George Bernhard
SPDR Gold Shares, the world’s largest gold ETF, has seen inflows over the past three days. Its gold holdings rose to 946.34 tons yesterday, from 944.63 tons on Wednesday, the highest in almost two weeks. The main reason for this was the hope that the most important international central banks could pursue a less restrictive monetary policy in future. For this to happen, however, the inflation rate would have to start falling. In exactly one week, market participants will find out how inflation (September) has developed in the United States. A slight decline of 8.3 to 8.1 percent is expected, according to an analyst survey published by Trading Economics. Gold prices could gain momentum this afternoon with the release of weekly US jobless claims (2:30 p.m.).
On Thursday morning, the gold price presented itself with higher quotations. Around 8:25 a.m. (CEST) the most actively traded futures on gold (December) rose 10.10 to $1,730.90 a troy ounce.
Crude Oil: Stable at higher grades
The decision by OPEC+ countries to cut future production by two million barrels a day has pushed fossil fuels to their highest levels since mid-September. It will now be interesting to see whether the USA will release part of its strategic oil reserves. No significant price decline is expected on the oil markets shortly before the winter months.
Oil prices showed a slight decline on Thursday morning. At around 8:25 a.m. ET, next-date WTI futures are down $0.23 to $87.53, while their Brent counterpart is down $0.17 to $93.20.
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