HB FRANKFURT. But overall, many investors remained wary. This week was a week of decisions is Afshin Nabavi, an analyst at the Swiss fixed commodity specialists MKS Finance. "Tomorrow we have the midterm elections in the U.S., on Wednesday will meet the FOMC (Federal Open Market Committee of the U.S. central bank) and on Friday it is also the U.S. employment data for October. I think they are all trying to position themselves accordingly" said Nabavi.
The ounce of gold rose in price in the top 0.6 percent to 1365 dollars. The rise of the euro to almost $ 1.40 made gold for investors from non-dollar area more attractive. If the U.S. Federal Reserve (Fed) decision expected on Wednesday evening a new bond-buyback program, according to analysts, this could weaken the dollar and push up the gold price higher still.
The prices of silver and palladium also increased. The latter, according to traders benefited from the intention of the U.S. government to enforce the U.S. gasoline driven heavy trucks lower emissions. Palladium and platinum are used for the production of catalysts.
The strong industrial data from China provided the copper market, especially for higher demand. The price of copper rose by 1.4 percent to $ 8,308.75 per tonne. In particular, the booming Chinese economy this year has provided the raw materials market for the high demand for copper and a price increase of 13 percent. The Chinese purchasing managers’ index for manufacturing rose in October to a six-month high and was thus much higher than expected by analysts.
The oil market, investors continued mainly to an upturn in the U.S.. Many hoped that the Fed’s actions may actually give the economy a new impetus. The barrel (159 liters) of U.S. light crude WTI higher prices by up to 1.1 percent, to $ 82.33, a barrel of Brent North Sea oil by up to 1.2 percent, to $ 81.14.