Commodities News

Commodity Market: Gold extends four-week string of gains as recovery concerns mount due to surging COVID-19 infections

After recording four straight weeks of gains, Spot Gold continued to edge up on Monday, as economic recovery concerns stemming from the ongoing surge in new COVID-19 cases across the United States and elsewhere supported demand for the haven metal. At least 15 US states reported a record surge in new infections during the first […] Read more

Commodity Market: US Crude Oil pares weekly gains as concerns mount COVID-19 resurgence could hamper demand recovery

Futures on US West Texas Intermediate Crude Oil retreated on Friday, paring gains achieved so far this week, as concerns re-emerged that the new wave of COVID-19 infections across the United States and elsewhere could hamper fuel demand recovery. The United States, the largest oil consumer globally, reported over 55,000 new COVID-19 infections on Thursday, […] Read more

Commodity Market: Gold eases from 93-month highs as strong macro data, vaccine hopes support risk-on mood

Gold prices eased from Wednesday’s nearly 93-month high and remained within a narrow daily range on Thursday, as recent upbeat US macro data coupled with hopes for a potential coronavirus vaccine prompted investors to cut their safe haven bets. Yesterday the Institute for Supply Management said US manufacturing activity had rebounded sharply in June, with […] Read more

Commodity Market: US Crude Oil hits one-week highs on lower US crude inventories, OPEC production cut in June

Futures on US West Texas Intermediate Crude Oil rose to a one-week high on Wednesday, following a report of a larger-than-anticipated drop in US crude stocks, which indicated demand was picking up regardless of the spread of the novel coronavirus. Latest data from the American Petroleum Institute (API) showed crude oil inventories in the United […] Read more

Commodity Market: Gold steadies near 92 1/2-month highs on virus-related concerns, geopolitics, Fed Chair Powell’s testimony now in focus

Gold traded within a narrow range close to 92 1/2-month highs in Europe on Tuesday, as the speeding up spread of the coronavirus globally dented hopes of a swift economic recovery. Total confirmed cases of the COVID-19 illness have exceeded 10.3 million globally, while in the United States alone confirmed cases are now over 2.64 […] Read more

Commodity Market: US Crude Oil falls a second day as spiking COVID-19 cases raise concerns over fuel demand

Futures on US West Texas Intermediate Crude Oil retreated for a second consecutive trading day on Monday, as ongoing surge in new COVID-19 cases in the United States, India, Brazil and elsewhere heightened concerns that renewed partial lockdowns could restrict demand for fuel. The total number of confirmed coronavirus cases globally exceeded 10 million, while […] Read more

Commodity Market: Gold poised for third week of gains in a row, markets now eye US Core PCE inflation data

Gold traded within a relatively tight daily range during the Asian and European sessions on Friday and was poised to register its third successive week of gains amid surging new COVID-19 infections globally, which cast doubt on the V-shaped economic recovery forecast by many. More than 179,700 new cases of the illness were reported globally […] Read more

Commodity Market: US Crude Oil slumps to one-week lows as inventories increase, virus spread heightens fuel demand concerns

Futures on US West Texas Intermediate Crude Oil extended losses from the prior two trading days and hit a one-week low on Thursday, after government data revealed a larger-than-anticipated increase in oil stocks, while rising new coronavirus cases added to concerns fuel demand recovery might slow. WTI Crude plummeted more than 4.8% on Wednesday after […] Read more

Commodity Market: Gold hits highs unseen since October 2012 as concerns over second COVID-19 wave support demand

Gold surged for a fourth straight trading day on Wednesday, while reaching highs not seen since early October 2012, as new confirmed cases of the COVID-19 illness continued to rise globally, which could lead to more stimulus measures in support of economy. Daily new coronavirus infections globally rose by nearly 163,000 on Tuesday. As of […] Read more

Commodity Market: US Crude Oil recovers from earlier losses as US-China trade deal fears subside, oil demand seen improving at BofA

Futures on US West Texas Intermediate Crude Oil recovered from losses registered earlier on Tuesday in volatile trade, induced by confusion over the fate of the US-China trade agreement. Comments from White House trade adviser Peter Navarro that the trade deal is “over” initially triggered a selloff in equities, riskier currencies and oil. However, later […] Read more