On the previous trading day, the US Dollar Index closed up 0.50% at 103.980, while spot gold closed up 1.05% at $2720.99 per ounce. As spot gold rose, other precious metals showed mixed performance: spot silver closed up 0.32% at $33.788 per ounce; spot platinum fell 0.83% to $1006.55 per ounce; spot palladium closed down 2.32% at $1,055.30 per ounce.
**Latest Data Overview**
On October 18th, the COMEX gold inventory was 528.54 metric tons, unchanged from the previous trading day; the COMEX silver inventory was 9533.27 metric tons, an increase of 37.37 metric tons from the previous trading day.
On October 21st, the SPDR Gold ETF holdings were 888.63 metric tons, unchanged from the previous trading day; the SLV Silver ETF holdings were 14,766.71 metric tons, also unchanged from the previous trading day.
On October 21st, the direction of deferred compensation payments was as follows: Au(t+d)--from long to short, Ag(t+d)--from long to short, mAu(t+d)--from long to short.
**News Flash**
Boosted by the rise in US Treasury yields, the dollar climbed on Monday, as a series of reliable US economic data indicated that the Federal Reserve may remain patient on rate cuts as investors prepare for the presidential election on November 5th.
The dollar has risen for three consecutive weeks and has increased in 14 out of the last 16 trading days, as a series of positive economic data has led investors to reduce their expectations for the scale and pace of Federal Reserve rate cuts.
According to tools from the Chicago Mercantile Exchange, the market estimates a 87% chance of the Federal Reserve cutting rates by 25 basis points at the November meeting, with a 13% chance of keeping rates stable. A month ago, the market expected the Federal Reserve to cut rates by at least 25 basis points, with a high possibility of a 50.4% chance of a 50 basis point cut.
Mark, the Chief Market Strategist at New York Forex, said, "It's less about the Federal Reserve and more about the market correcting itself and moving back towards the Federal Reserve." "Economic data has been strong, and we will see this in next week's GDP data."Last week, the Atlanta Federal Reserve raised its forecast for third-quarter Gross Domestic Product (GDP) growth to 3.4%.
The US Dollar Index, which measures the greenback against a basket of currencies, rose by 0.5% on Monday, reaching 103.98, marking the largest single-day percentage increase since October 4th.