Gold price: Weekly start above $1,900

In the early morning China reported mostly better than expected economic data. Positive surprises came from industrial production for the month of September (+6.9 percent p.a.), retail sales (+3.3 percent p.a.) and the unemployment rate (5.4 percent), while GDP growth in the third quarter was lower than forecast at +4.9 percent p.a. If the forthcoming statements by the European and US central bankers are characterized by a “pigeon-like tenor”, the gold price should continue to successfully maintain the $1,900 mark.

On Monday morning, the gold price presented itself with slightly higher quotations. By around 7.45 a.m. (CEST), the most actively traded future for gold (December) had risen by $3.00 to $1,909.40 per troy ounce.

Crude oil: Slightly depressed mood

The disappointment in Chinese GDP growth, rising global corona new infections and increased U.S. drilling activity in the U.S. depressed the mood on the oil markets in early Monday trading. The weekly report on North American drilling activities published on Friday evening by the US oil services company Baker Hughes showed a marked increase. The number of oil drilling rigs in the USA increased from 193 to 205. This represented the highest weekly increase since January.

On Monday morning the oil price presented itself with relatively stable quotations. By around 7.45 a.m. (CEST), the next-day WTI future had fallen by $0.15 to $40.73, while its counterpart on Brent fell by $0.13 to $42.80.