Commodities News

Commodity Market: Gold trades in narrow range, US Dollar firms over fiscal stimulus package delay

Spot Gold traded within a narrow range in Europe on Friday and was set to register its fourth loss out of five weeks, as pressure on the US Dollar eased due to a possible delay in US fiscal stimulus deal. The US Senate is expected to vote on a stopgap measure on Friday to keep […] Read more

Commodity Market: US Crude Oil rises 1% as coronavirus vaccine roll-out fuels demand optimism

Futures on US West Texas Intermediate Crude Oil surged 1% on Thursday, as optimism over a faster oil demand recovery following COVID-19 vaccine roll-out outweighed a sharp increase in US crude oil stocks. COVID-19 vaccinations were initiated in the UK this week and are about to begin during the upcoming weekend in the US. WTI […] Read more

Commodity Market: Gold heads for first gain in four weeks as US Dollar weakens to an over 31-month low due to US stimulus optimism

Spot Gold was mostly flat in Europe on Friday, but headed for its first gain in four weeks, as the US Dollar weakened to levels not seen since late April 2018 on growing optimism regarding US stimulus. Weaker dollar makes the yellow metal less expensive for international investors holding other currencies. “Upward momentum (in gold) […] Read more

Commodity Market: US Crude Oil retreats, OPEC+ members to resume production cut extension discussions

After gaining over 1.6% on Wednesday, futures on US West Texas Intermediate Crude Oil retreated on Thursday, as oil producers argued over the need to extend unprecedented production cuts that were put into place at the start of the coronavirus pandemic. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, are expected […] Read more

Commodity Market: Gold heads for third week of losses as markets shrug off doubts over vaccine success rate

Spot Gold was on track to register its third consecutive week of decline, as market players weighed optimism over the timing of COVID-19 vaccines’ arrival against some concerns over the effectiveness of a leading vaccine candidate. AstraZeneca was faced with some tough questions regarding the success rate of its vaccine, which brought forth certain doubts […] Read more

Commodity Market: Gold on track for second week of losses, as vaccine optimism and stimulus uncertainty weigh

Spot Gold was on track to register its second straight week of losses, as reports of promising coronavirus vaccine results and uncertainty over Federal Reserve’s stimulus programmes weighed on demand for the precious metal. In a letter, US Treasury Secretary Steven Mnuchin told Fed Chair Jerome Powell that $455 billion, allocated to the Treasury under […] Read more

Commodity Market: US Crude Oil eases from one-week highs as accelerating pandemic overshadows vaccine euphoria

Futures on US West Texas Intermediate Crude Oil eased from yesterday’s one-week high on Thursday, as accelerating pandemic and tighter economic restrictions worldwide heightened concerns over weaker fuel demand, while overshadowing vaccine optimism. The latest data by the Center for Systems Science and Engineering at Johns Hopkins University showed total confirmed COVID-19 cases had already […] Read more

Commodity Market: Gold heads for largest weekly loss since late September, vaccine optimism and no stimulus progress in the US weigh

Spot Gold edged higher within a narrow trading range on Friday, supported by a surge in new COVID-19 infections across Europe and the United States. However, the yellow metal looked set to register its largest weekly loss since the business week ended on September 25th due to optimism over coronavirus vaccine progress. Spot Gold plummeted […] Read more

Commodity Market: US Crude Oil snaps three-day winning streak as IEA says quick demand recovery not likely

Futures on US West Texas Intermediate Crude Oil looked set to snap a three-day streak of gains on Thursday, after the International Energy Agency said a quick recovery in oil demand was not likely amid rising new COVID-19 cases across Europe and the United States. New social restrictions have already been imposed across Europe, while […] Read more

Commodity Market: Gold poised for best week since late July as US Dollar plummets to a fresh two-month low

After surging more than 2% on Thursday amid post-election volatility and weaker US Dollar, Gold was mostly steady on Friday and was set to register its best weekly performance since late July due to prospects of more central bank support, as a divided US Congress under a Biden administration dimmed outlook for immediate fiscal stimulus. […] Read more