Commodities News

Commodity Market: Gold set for largest weekly drop since March 2020 as FOMC’s hawkish turn bolsters dollar to a nine-week high

Spot Gold rebounded on Friday, but was still on track to register its steepest weekly decline since the business week ended March 13th 2020, after the Federal Reserve’s hawkish policy reversal bolstered the US Dollar to a nine-week high. The FOMC indicated on Wednesday that it would consider whether to scale back the bank’s asset-purchasing […] Read more

Commodity Market: US Crude Oil falls from highs unseen since October 2018 as US Dollar gains, losses limited by sharp inventory drop

Futures on US West Texas Intermediate Crude Oil retreated on Thursday, as the US Dollar added to its value, but still, oil losses were limited by a sharp drop in US crude stocks, signalling continued demand recovery. The US Dollar registered its sharpest single-day gain in 15 months on Wednesday after the Federal Reserve indicated […] Read more

Commodity Market: US Crude Oil mostly steady as latest gasoline stock report points to weaker demand at the start of summer

Futures on US West Texas Intermediate Crude Oil remained mostly steady on Thursday after a government report showed an increase in US gasoline stockpiles, implying weaker-than-anticipated fuel demand at the start of the summer driving season. US crude oil stocks, including the nation’s Strategic Petroleum Reserve (SPR), registered a drop for the eleventh consecutive week […] Read more

Commodity Market: Gold hovers above two-week lows as US Dollar strengthens ahead of key US NFP report

Following a sharp sell-off on Thursday, Spot Gold was hovering just above a fresh two-week trough on Friday, as the US Dollar strengthened to a three-week high, while the 10-year US Treasury yield surged to 1.63%, increasing the opportunity cost of holding the non-yielding metal. “A much stronger dollar, a rise in U.S. Treasury yields […] Read more

Commodity Market: US Crude Oil extends gains as demand expected to exceed supply in second half of 2021

Futures on US West Texas Intermediate Crude Oil extended gains from the prior two trading days on Thursday, driven by expectations of a recovery in fuel demand later in 2021, most notably in the United States, Europe and China. Market forecasters, including the Organization of the Petroleum Exporting Countries and allies (OPEC+), largely project that […] Read more

Commodity Market: Gold retreats as US Dollar, US Treasury yields rise, US PCE inflation data now eyed

Spot Gold retreated on Friday, as the US Dollar extended a rebound from 20-week lows and the yield on US 10-year government bonds rose above 1.6%, which increased the opportunity cost of holding the non-yielding precious metal. Meanwhile, market players are now expecting the key US personal consumption data due out later on Friday for […] Read more

Commodity Market: US Crude Oil retreats nearly 1% due to Iran supply increase concerns

Futures on US West Texas Intermediate Crude Oil retreated on Thursday due to concerns over a possible increase in Iran’s oil supply. Still, demand optimism regarding the summer driving season in the United States and Europe was providing certain support. “Most of the euro zone countries’ travel restrictions are lifted considering lower COVID-19 cases boosting […] Read more

Commodity Market: Gold heads for third week of gains amid inflation concerns, US Dollar close to a 12-week trough

Spot Gold was on track to register its third consecutive week of gains amid signs of inflationary pressure, while the US Dollar held close to 12-week lows against major peers and 10-year US bond yields dropped. “U.S. economic data has given us strong inflation alerts this week, meaning yields and the dollar have fallen, strong […] Read more

Commodity Market: US Crude Oil extends losses on US crude inventory build, COVID-19 resurgence in Asia

Futures on US West Texas Intermediate Crude Oil retreated for a third straight trading day on Thursday, as an increase in US oil inventories added to demand concerns amid rising new coronavirus infections in parts of Asia, including India where more movement restrictions have been imposed. An official report by the US Energy Information Administration […] Read more

Commodity Market: Gold rises as US Dollar softens, but recent macro data curbs gains

Spot Gold extended a rebound from this week’s low on Friday due to a softer US Dollar, but gains were limited by key macroeconomic data that bolstered the case of a sooner-than-anticipated increase in interest rates. This week’s macro data showed a sharper-than-expected surge in US consumer prices in April and initial jobless claims hitting […] Read more