Silver prices continued to move against the general trend of other metals, surging by 3% in the first trading session of the week. Meanwhile, the excitement in the U.S. stock market has somewhat cooled.

U.S. Stock Market Update on October 21:The U.S. stock market declined in Monday's session (October 21), ending a streak of consecutive record-breaking sessions from the previous week, as rising U.S. Treasury yields pressured stock prices while investors awaited upcoming financial reports.

The S&P 500 index fell by 0.18% to 5,853.98 points. The Nasdaq index rose by 0.27%, supported by gains in technology stocks, closing the session at 18,540.01 points. The Dow Jones lost 344.31 points, or 0.8%, to 42,931.6 points, after three record-setting sessions.

U.S. Treasury Bonds on October 21:The 10-year U.S. Treasury bond yield surged to a 12-week high, reaching 4.182%.

Dollar Index Update:The Dollar Index increased in yesterday’s session, reaching 103.96. The USD rose in the past session, supported by rising U.S. Treasury yields, along with strong economic data, indicating that the Federal Reserve (Fed) has room to cut interest rates in a calm and cautious manner.

Gold Market Update:Global gold prices decreased, with spot gold dropping by 3.2 USD to 2,719.9 USD/ounce. Gold futures were last traded at 2,734.7 USD/ounce, down 1.7 USD from early morning.

Gold investors continued to increase their net long positions, as economic and geopolitical uncertainties boosted demand for the precious metal.

Commodities Market Update:In the first trading session of the week (October 21), oil prices rose nearly 2%, regaining part of last week's losses. Oil prices climbed as ongoing conflict in the Middle East and the potential for Israeli retaliation against Iran sparked concerns about supply disruptions from the region. Brent oil prices rose by 1.23 USD, or 1.68%, to 74.29 USD per barrel. WTI oil prices increased by 1.34 USD, or 1.94%, to 70.56 USD per barrel.

Platinum also declined, with January 2025 contracts settling at 1,016.8 USD/troy ounce, down 1% from last weekend's session. Similarly, December 2024 copper prices fell by 1%, ending at 4.3595 USD/pound. Conversely, silver prices surged to 34.078 USD/troy ounce for December 2024 contracts, representing a 3% increase compared to last weekend.

Source: Compiled