Gold and oil prices both rise significantly, market fluctuations draw attention

On September 12, US Eastern Time, gold and oil prices on the international financial market saw a significant increase.

In the gold market, spot gold continued to rise and hit a new all-time high during intraday trading to $2,560.12 per ounce. As of the close, spot gold rose 1.88% to $2,558.485 per ounce, setting a new all-time closing high; spot silver rose 4.15% to $29.857 per ounce. Comex gold futures rose 1.85% to $2,587.2 per ounce, setting a new all-time closing high; Comex silver futures rose 4.17% to $30.215 per ounce. Analysts pointed out that the main reason behind the sharp rise in gold is the increased expectation of interest rate cuts in the United States. US data indicates an economic slowdown. The US Department of Labor said that seasonally adjusted initial jobless claims increased. Coupled with factors such as interest rate cuts by the European Central Bank, these jointly drove up gold prices.

International oil prices also skyrocketed. Affected by Hurricane Francine hitting the Gulf of Mexico and disrupting oil production, the price of light crude oil futures for October delivery on the New York Mercantile Exchange rose $1.66, or 2.5%, to close at $68.97 per barrel; the price of Brent crude oil futures for November delivery rose $1.36 to close at $71.97 per barrel, an increase of 1.93%. In the previous trading day, driven by the threat of storms to crude oil supply, WTI crude oil futures had already closed more than 2% higher. The combined effect of multiple factors led to this significant increase in oil prices and also made the future trend of the energy market a subject of much attention.