New York gold prices rose on the 8th

Source: Xinhua Finance

Xinhua Finance, New York, October 8 (Reporter Xu Jing) — On October 8, the most actively traded December 2026 gold futures on the New York Mercantile Exchange closed at $4158.3 per ounce, up $17.6, an increase of 0.43%.

Gold prices rebounded slightly from the day’s lows, but the escalation of conflict in the Middle East pushed oil prices higher. Meanwhile, US long-term Treasury yields once again approached their highs, thus the upside for gold prices remained limited.

Stimulated by heightened geopolitical tensions in the Middle East and other factors, international crude oil futures prices saw significant increases on October 8. The price of light crude oil futures for November delivery on the New York Mercantile Exchange rose to a high of $92.84 per barrel, up $4.56 or 5.17% compared to the previous day's close. Brent crude futures for December delivery in London climbed to a high of $105.48 per barrel, up 5.28% or 5.27%.

At the same time, rising energy prices continued to drive up US Treasury yields, and the market expected the Federal Reserve would need to further increase borrowing costs to contain inflation. This supported speculative demand for the US dollar and put pressure on precious metal prices.

According to data released by the US Department of Labor on October 8, the number of initial unemployment claims fell to 197,000 for the week ending October 3, a decrease of 2,000 from the previous week's revised figure; for the week ending September 26, continuing claims for unemployment benefits rose to 1.716 million. Minutes released by the Federal Reserve on October 7 showed that most policymakers still expect to raise interest rates once more before year-end. The market remains stuck between weak non-farm employment figures and a hawkish inflation environment.

Analysts believe that despite the surge in bond yields, gold is able to maintain its trading range and continues to attract new ETF inflows, suggesting that the next move may be upward. Additionally, central banks worldwide continue to reduce their US dollar holdings, further strengthening gold’s long-term bullish outlook.

On the day, December delivery silver futures prices fell by 86.4 cents to close at $59.430 per ounce, a decrease of 1.43%.

Editor: Zhu Henan