In terms of commodities closing, COMEX December gold futures closed down about 0.2% to US$1,765.70 per ounce; WTI November crude oil futures closed up US$0.16, or 0.19%, to US$82.44 per barrel; Brent’s December crude oil futures closed down. 0.53 US dollars, down 0.62%, reported 84.33 US dollars / barrel; NYMEX November natural gas futures closed down 7.78%, reported 4.9890 US dollars / million British thermal units.

On Tuesday (October 19), international gold prices rose, and the weakening of the US dollar and US Treasury yields provided some support. More and more investors have begun to worry about stagflation in recent months, even as central banks are moving in the direction of reducing economic stimulus measures.

The US dollar index recorded a new low of 93.585 since September 28, which makes gold cheaper for holders of other currencies; the yield on the U.S. benchmark 10-year Treasury bond has also fallen, reducing the opportunity cost of holding gold as a non-interest-bearing asset.

Nicholas Frappell, global general manager of ABC Bullion, said: “Although gold fluctuates within a range, if it stays above US$1,760, it may rise to US$1782, or even US$1,800.” But he added that if the price of gold falls below 1759 The US dollar may be pushed down to 1737-1741 US dollars. Frappell also pointed out that the central bank’s gradual reduction of stimulus measures is just "common sense of life", "people do not have a good reason to go long gold, for example, macro investors do not seem to be persuaded to buy more gold to hedge against inflation."

The Governor of the Bank of England Bailey said on Sunday (October 17) that as the risk of inflation rises, the Bank of England is preparing to raise interest rates. He still believes that the recent jump in inflation will be temporary, but soaring energy prices will push up inflation and make the rise last longer, thereby increasing the risk of rising inflation expectations.

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