Oil Falls on Sanctions Waiver as Gold and Currencies Steady

During the session on Monday, October 19, oil fell more than 2%. That decline followed a waiver on Russian energy sanctions, which eased concerns over global supplies and suggested additional fuel could enter world markets. In equity markets, Asian shares closed mixed amid volatility in technology equities. Also on Monday, China published first-three-quarter economic data, including national gross domestic product figures.

Gold and silver followed different tracks. The metal edged higher as falling energy costs eased inflation concerns. Silver also posted early gains. Metal trading was supported by expectations for a pause in policy moves as investors evaluated the economic backdrop. Trading across broader tracking measures showed gold down 0.08% during the day. By 10:25 am New York, extended trading showed gold -1.2% and silver +0.3%.

In currency markets, the Japanese yen weakened against the dollar. Meanwhile, the euro strengthened slightly against the dollar. Across broader foreign exchange trading, the dollar index moved down 0.07% on the session. In economic reporting on Monday, Statistics Canada published its September consumer price index report. The Bank of Canada also released its Business Outlook Survey and Canadian Survey of Consumer Expectations on Monday.

In cryptocurrency, trading finished with Bitcoin +0.1% and Ethereum 0.0%.

Looking ahead, economic calendars carry several scheduled data releases that could influence expectations for borrowing costs and currency pricing. On Tuesday, September building permits and housing starts are scheduled for release in the United States, providing fresh evidence on residential construction. Later in the week, the Bank of Korea has a scheduled monetary policy meeting on Thursday to decide on benchmark interest rates. On the same day, the Central Bank of the Republic of Türkiye holds a scheduled monetary policy committee meeting to evaluate national borrowing costs.