Gold Prices Slowed a Bit While Oil’s Risen

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The growth rate of gold price on Thursday slightly slowed after the expected continuation of the US Federal Reserve rate (Fed) as evidenced by the trading data.

The price of December gold futures on the New York Stock Exchange Comex rose by $50.60 or 2.67% to $1946.8 per troy ounce. The price of December silver futures rose by 5.43% to $25.19 per ounce.

Prior to the Fed’s decision, gold was up2.76% and silver by 5.45%.

The Fed at the end of the meeting on November 4-5 decided to keep the base interest rate at the level of 0.00% to 0.25% per annum. The next meeting is scheduled for December 15-16.

Global oil prices are rising on Thursday on a general wave of anticipation of the results of the U.S. presidential election, according to the trading data.

The price of January futures for the North Sea Brent crude oil blend rose by 0.24% to $41.33 per barrel. December futures for WTI crude oil rose by 0.05% to$39.17 per barrel.

Oil prices are more supported by a positive external environment. U.S. stock exchanges are growing by more than 2% while European indices saw a rise of between 0.7% and 2%.

Investors around the world are watching the vote count in the U.S. presidential election. According to the calculations of leading American TV channels, the Democratic candidate Joe Biden is leading. Meanwhile, incumbent U.S. President Donald Trump earlier on Thursday called for a halt to the counting of votes and later said that ballots that came in the mail after Election Day would not be counted.

“Trump’s victory would be favorable for oil – at least more favorable than Biden’s victory. Joe Biden will join the Paris climate agreement, soften the U.S. position towards Iran, as a result the supply in the market will grow,” PVM Oil Associates analyst Tamas Varga told Reuters.

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