Commodities News

Commodity Market: Gold rebounds but heads for a weekly loss as US Dollar holds ground near three-week highs

Spot Gold rebounded from an over one-month low on Friday, but was still poised to register a weekly loss as the US Dollar held ground near a three-week peak ahead of the highly anticipated Federal Reserve policy meeting next week. A stronger dollar reduces Gold’s appeal for international investors holding other currencies. “While support at […] Read more

Commodity Market: US Crude Oil holds gains after a sharper-than-expected drop in US oil stocks

Futures on US West Texas Intermediate Crude Oil remained mostly steady on Thursday, following a 3% surge in the previous session that came after a sharper-than-expected drop in US crude oil inventories. Refiners in the US Gulf area and offshore oil facilities were still in a process of recovery from Category-4 Hurricane Ida, the Energy […] Read more

Commodity Market: Gold set for first weekly decline in five, US Dollar set for first weekly gain in three on Fed taper prospects

Spot Gold rose for a second straight trading day on Friday, but was set to register its first loss in five weeks as the US Dollar was poised for its first weekly gain in three amid intensifying jitters over the Federal Reserve’s taper timeline. “The overall backdrop for gold is much more bearish… We’re increasingly […] Read more

Commodity Market: US Crude Oil eases ahead of EIA oil stocks data, lower US production underpins market

Futures on US West Texas Intermediate Crude Oil eased on Thursday, following a 1.4% surge in the previous trading session, as a drop in oil production in the Gulf of Mexico following damage from Hurricane Ida still supported the market. Nearly 77% of US Gulf production, or some 1.4 million barrels per day, remained offline […] Read more

Commodity Market: Gold gains, US Dollar hovers above 1-month lows ahead of key US employment data

Spot Gold rose on Friday, as the US Dollar hovered just above a fresh one-month low ahead of the highly anticipated US Non-Farm Payrolls report due out later in the day. A weaker US Dollar makes dollar-priced Gold less expensive for international investors holding other currencies. “We’re seeing minor pre-positioning for people that may be […] Read more

Commodity Market: US Crude Oil retreats as OPEC+ agrees to continue supply return

Futures on US West Texas Intermediate Crude Oil retreated on Thursday after OPEC+ agreed to continue the gradual return of supply to the market amid surging COVID-19 cases globally and with many US oil refiners still offline. Yesterday the Organization of the Petroleum Exporting Countries and allies, OPEC+, agreed to continue phasing out record output […] Read more

Commodity Market: Gold poised for a weekly gain supported by safe haven bets, investors eye Fed Chair Powell’s speech

Spot Gold edged higher on Friday and looked set to register a third straight weekly gain, as worsening security situation in Afghanistan fueled safe haven demand for the precious metal. Yesterday Islamic State launched a suicide bomb attack on the crowded Kabul airport that led to the death of at least 13 US troops and […] Read more

Commodity Market: US Crude Oil snaps three-day streak of gains amid demand concerns, Mexico supply return

Futures on US West Texas Intermediate Crude Oil snapped a three-day streak of gains on Thursday amid renewed demand concerns stemming from the spread of the novel coronavirus and as oil output returned in Mexico. New outbreaks caused by the Delta variant of the coronavirus raised concerns over the strength of global economic recovery. “Although […] Read more

Commodity Market: US Crude Oil falls a sixth day on virus-related fuel demand concerns, surprise US gasoline inventory build

Futures on US West Texas Intermediate Crude Oil dropped for a sixth consecutive trading day on Thursday, while marking their longest streak of losses since late-February 2020, as the relentless spread of the Delta variant of the novel coronavirus worldwide bolstered concerns over fuel demand. Additionally, an unexpected increase in US gasoline stocks last week […] Read more

Commodity Market: Gold gains on virus concerns, but set for weekly loss as dollar remains firm

Spot Gold gained on Friday on concerns over the spreading Delta variant of the coronavirus, but still, the commodity was poised to register a second straight week of losses, as the US Dollar held firm in proximity to 4 1/2-month highs. “The ongoing COVID disruption means it is more likely that central banks globally will […] Read more