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Metals consolidate gains; gold breaks $1,800 mark

By Piero Cingari

12:07, 8 November 2021

Gold bar on the background of the growth chart
Gold bar on the background of the growth chart – Photo: Shutterstock

Metals consolidated gains Monday, after posting a strong rebound Friday as US Treasury yields dropped to October lows. Gold broke through the $1,800 an ounce psychological barrier and silver (+0.7%) is on the course to record its third straight session of gains.

Palladium is the best performer of the day, up 1.2%, while platinum is 0.7% higher and copper up 0.2%.

US Treasury 10-year real yields remain near record lows. Last week the world's major central banks reinforced the view that current inflationary pressures will subside, dimming the likelihood for more aggressive interest rate rises.

The October US Consumer Price Index (CPI) report to be released 10 November is the week's major market moving event. A higher-than-expected figure could raise the possibilities for a faster pace of rate hikes, dampening investor enthusiasm for precious metals.

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Metal commodities performance heatmap – 8 November 2021

Metal performance tableMetals performance as of 8 November 2021 (12:30 GMT)

Gold

Gold spot is trading at $1,818/oz, up 0.1% for the day, as of writing.

Since August, gold has been trading in a range of $1,720 to $1,830 an ounce and is now about 2% above its 50-day moving average and 1.4% above the 200-day moving average.

Gold prices are up 1.9% on the week, after the US Federal Reserve and the Bank of England cooled market speculations of more aggressive interest rate hikes last week, rekindling enthusiasm for non-yielding assets as precious metals. 

Gold technical levels:

  • 52-week high: $1,964.80
  • 52-week low: $1,677.62
  • 50-day moving average: $1,780.41
  • 200-day moving average: $1,791.04
  • 14-day Relative Strength Index (RSI): 60.31

Chart of the day: Bitcoin ousts gold from the inflation-hedge throne as gold to bitcoin ratio hits record lows 

Chart illustrating the gold to bitcoin ratioGold to bitcoin ratio – Credit: Koyfin

Silver

Silver’s spot price was last at $24.33 an ounce, up 0.76% for the day.

Natural Gas

2.16 Price
+1.220% 1D Chg, %
Long position overnight fee -0.0630%
Short position overnight fee 0.0410%
Overnight fee time 21:00 (UTC)
Spread 0.0050

Silver

29.25 Price
-2.070% 1D Chg, %
Long position overnight fee -0.0202%
Short position overnight fee 0.0120%
Overnight fee time 21:00 (UTC)
Spread 0.050

Oil - Crude

78.74 Price
-2.840% 1D Chg, %
Long position overnight fee 0.0511%
Short position overnight fee -0.0731%
Overnight fee time 21:00 (UTC)
Spread 0.040

Oil - Brent

81.89 Price
-2.560% 1D Chg, %
Long position overnight fee 0.0304%
Short position overnight fee -0.0524%
Overnight fee time 21:00 (UTC)
Spread 0.045

Silver technical levels:

  • 52-week high: $29.89
  • 52-week low: $21.33
  • 50-day moving average: $23.39
  • 200-day moving average: $25.43
  • 14-day RSI: 59.52

Copper

Copper spot prices are higher 0.26% at $4.35 per pound. 

China's copper imports increased for the second straight month in October, according to customs statistics released Sunday, as importers took advantage of a brief period of attractive copper prices to stockpile.

Copper technical levels:

  • 52-week high: $4.90
  • 52-week low: $3.10
  • 50-day moving average: $4.36
  • 200-day moving average: $4.29
  • 14-day RSI: 46.48

Platinum

Platinum traded at $1,043 an ounce on Monday morning, up 0.68% for the day.

Platinum technical levels:

  • 52-week high: $1,336.50
  • 52-week low: $847.96
  • 50-day moving average: $1,025.57
  • 200-day moving average: $1,026.36
  • 14-day RSI: 54.84

Palladium

Palladium was last at $2,051 an ounce, up 1.17%.

Palladium technical levels:

  • 52-week high: $3,017.18
  • 52-week low: $1,841.93
  • 50-day moving average: $2,061.95
  • 200-day moving average: $2,494.73
  • 14-day RSI: 51.68

Read more: Economic preview: UK GDP and US inflation take centre stage

Markets in this article

Copper
Copper
4.24801 USD
-0.02543 -0.600%
Gold
Gold
2401.36 USD
-44.85 -1.830%
Palladium
Palladium
917.90 USD
-21 -2.260%
Platinum
Platinum
970.35 USD
-6.8 -0.700%
Silver
Silver
29.251 USD
-0.618 -2.070%

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The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
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