Gold and Oil Prices Fall as G7 Releases Strategic Reserves

International oil prices declined on the 5th after the Group of Seven announced a coordinated release of 100 million barrels of strategic petroleum reserves, easing expectations of tightening crude supply.

At the close of trading that day, the November light crude futures contract on the New York Mercantile Exchange settled at $89.43 per barrel, down 1.84%, while the December London Brent crude futures contract settled at $100.32 per barrel, down 1.89%.

Gold prices dipped slightly while silver advanced on the 5th.

On the 5th local time, as market expectations for a Federal Reserve rate hike this month weakened, the pressure on gold prices from a stronger dollar and elevated U.S. Treasury yields eased somewhat, and international gold prices fluctuated within a narrow range.

At the close, the December gold futures contract on the New York Mercantile Exchange was quoted at $4,156.8 per ounce, down 0.13%, while the December silver futures contract was quoted at $61.3 per ounce, up 1.46%.

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