Commodity closing, COMEX December gold futures closed up 0.1%, at US$1808.50 per ounce. WTI October crude oil futures closed up 1.90 US dollars, or 2.89%, to 67.54 US dollars per barrel; Brent October crude oil futures closed up 2.30 US dollars, or 3.34%, to 71.05 US dollars per barrel.

Spot gold fell slightly on Tuesday, closing at US$1820.90 per ounce. It once touched US$1809.63 during the session, the highest since August 5. Investors are waiting for the annual Jackson Hole seminar to be held later this week to learn more about when the Fed will begin to reduce bond purchases. The market expects that in the speech of Fed Chairman Powell, he is expected to remain vague on the timing of the code reduction, but the possibility of his unexpected announcement cannot be completely ruled out.

The bet that the Fed may maintain its easing policy for a longer period of time helped the price of gold break through $1,800 per ounce this week.Gold prices have been facing headwinds this year. Due to strong US economic data, inflation-adjusted US Treasury yields have also risen moderately, putting pressure on non-interest-bearing precious metals. Tom Price, head of commodity strategy at Liberum Capital, wrote in the report that although the US real yield is now recovering due to strong economic activity, it is still at a low or even negative level. Before the real yield continues to rise, maintain gold exposure. The opportunity cost is still very low.

Oil prices continued to rise, with U.S. oil rising by 3%, setting a new high of nearly a week to US$67.80 per barrel; Brent crude oil futures exceeded US$71 per barrel; China quickly returned new cases of new crowns to zero, and road traffic resumed busy scenes . At the same time, a fire on an oil platform in Mexico has reduced the country’s daily output by more than 400,000 barrels, which is roughly equivalent to the scale of recovery that OPEC+ will discuss next month. Edward Moya, senior market analyst at Oanda, said the news shows that some countries are much better at responding to the delta strain, and the oil price rebound will only continue.

Risk Warning: The above content is for reference only, and does not represent JRFX’s position. JRFX does not assume any form of loss caused by any trading carried out in accordance with this article. Please consult your financial planner for your investment portfolios and manage your own risk.

JRFX is an online CFD broker providing more than 50 products for Forex, metals and commodities. Open a trading account within a minute. Deposit 100USD and download our MT4 trading platform now!