Oil prices rose on Thursday amid optimism about supply and demand, while traders analyze geopolitical developments in the Middle East, with the crude marking monthly gains. 

According to Reuters, the OPEC+ group will likely delay its decision to raise output gradually in December, in order to stabilize the market. 

Recent reports indicate that Israeli intelligence is expecting another Irani attack on Israel, but no specifics are announced.

On trading, Brent December futures rose 0.85%, or 61 cents to $73.16 a barrel, marking a monthly profit of 2%.

US crude futures due in December rose 0.95%, or 65 cents to $69.25 a barrel, marking a monthly profit of 2%. 

US stock indices fell on Thursday as investors analyze latest data and corporate results.

Latest government data showed US personal consumption rose 2.1% y/y in September, down from 2.3% in August. 

US unemployment claims fell by 12 thousand to 216 thousand in the week ending October 26, the lowest since May, while analysts expected 230 thousand.

Microsoft’s stock tumbled heavily alongside Meta’s stock after reporting their quarterly results. 

Otherwise, US two-year treasury yields, the most sensitive to monetary policy changes, rose by 3.5 basis points to 4.187%.

US 10-year treasury yields rose by a similar amount to 4.3%, while 30-year yields rose by 1.5 basis points to 4.496%.

On trading, Dow Jones lost 0.9%, or 375 points to 41,767 points, while S&P 500 gave up 1.5%, or 87 points to 5725 points, as NASDAQ lost 2.4%, or 440 points to 18,167 points.

Bitcoin dipped on Thursday on track for the second daily loss away from recent seven-month highs, amid active profit taking.

The decline comes even as the world’s most valuable cryptocurrency heads for its second monthly profit in a row as the odds of a Donald Trump presidential win in the US spikes. 

Bitcoin is about to hit fresh record highs, especially if evidence piles up for additional US interest rate cuts this year. 

The Price

Bitcoin fell 0.45% at Bitstamp today to $72,010, with a session-high at $72,660.

On Wednesday, bitcoin lost 0.55%, the first loss in five days on profit-taking away from seven-month highs at $73,600.

Crypto Market Value 

The market value of cryptocurrencies fell by $20 billion to a total of $2.530 trillion as both bitcoin and ethereum sustained losses.

Monthly Trades

Bitcoin is up 14% so far in October, about to mark the second monthly profit in a row. 

The gains came as recent US presidential election opinion polls showed Donald Trump has an edge over his opponent Kamala Harris. 

Trump is viewed as more supportive of cryptocurrencies and more relaxed with their regulations. 

US Rates

Recent US data showed GDP growth was less than expected in the third quarter, which is an indication of a soft economic landing.

The odds of a 0.25% Fed interest rate cut in November fell from 100% to 96%, with the odds of no changes in rates rising to 4%.

Now traders await important US data later today on US unemployment claims, consumer spending, to gather more clues. 

Gold prices fell in European trade for the first time in three sessions away from recent record highs, amid active profit-taking. 

The losses are contained by the dollar's decline against major rivals, boosting gold to above $2800 for the first time ever.

Gold is about to mark its ninth monthly profit in a row, which would be the longest streak of monthly gains on record. 

Prices

Gold prices fell 0.5% today to $2773 an ounce, with a high at $2790.

Prices rose 0.5% on Wednesday as the dollar sustained losses against main rivals.

The Dollar

The dollar index fell 0.2% on Thursday on track for the fourth loss in a row, plumbing a week trough at 103.87 against a basket of major rivals.

A weaker dollar makes greenback-denominated gold futures cheaper to holders of other currencies.

US Rates

Recent US data showed GDP growth was less than expected in the third quarter, which is an indication of a soft economic landing.

The odds of a 0.25% Fed interest rate cut in November fell from 100% to 96%, with the odds of no changes in rates rising to 4%.

Now traders await important US data later today on US unemployment claims, consumer spending, to gather more clues. 

Monthly Treades

Gold is up 5.25% so far in October, about to mark the ninth monthly profit in a row.

It would be the longest streak of monthly gains since spot trading began in 1997.

Gold continues to hold impressive appeal as a safe haven in times of turbulence, with geopolitical tensions mounting in the Middle East, while actual demand improved in China and India. 

SPDR

Gold holdings at the SPDR Gold Trust rose by 2.87 tons yesterday to a total of 892.65 tons, the highest since October 22.