⚡️XLE Sees Modest Rise Amid Surging Gold Prices, Oil Gains, and China's Rate Cut; USO and BOIL Track Energy Sector Strength | Energy Sector Insights
The Energy Select Sector SPDR Fund (XLE) has seen a price movement of +0.1% since Friday. Gold prices surged to record highs today, reaching $2,751.70 per ounce, amid escalating geopolitical tensions in the Middle East and uncertainties surrounding the upcoming U.S. presidential election.
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Monday, October 21
XLE [+0.1%]
Energy Select Sector SPDR Fund
The Energy Select Sector SPDR Fund (XLE) has seen a price movement of +0.1% since Friday. Gold prices surged to record highs today, reaching $2,751.70 per ounce, amid escalating geopolitical tensions in the Middle East and uncertainties surrounding the upcoming U.S. presidential election. Crude oil prices increased by 1.6% following China's decision to cut its one-year loan prime rate by 25 basis points, which may enhance global demand for energy resources tracked by XLE. Social media discussions reflect mixed sentiment regarding XLE's performance, with mentions of its historical underperformance during interest rate cut cycles. Recent posts highlight that XLE trades above its three-year historical average in valuation ratios, suggesting a potential downside to fair value. Among XLE's holdings, CVX, SLB, and XOM contributed positively to performance, while Exxon Mobil Corp. announced the resignation of board member Gregory Goff.