COM - Commodity Roundup: Gold prices dip Brent at $90/bbl with focus on U.S. data Middle East
2023-10-24 05:54:56 ET
Gold prices eased on Tuesday as the U.S. dollar ticked higher weighing on the appeal of safe-haven bullion, while investors eyed economic data due later in the week to gauge the outlook for U.S. monetary policy amid heightened tensions in the Middle East. Spot gold ( XAUUSD:CUR ) -0.28% at $1,967.11 by 0553 am ET.
Oil prices nudged higher, with Brent holding above $90 a barrel after both oil benchmarks registered a 2% on Monday as diplomatic efforts in the Middle East, the world's biggest oil-supplying region, intensified to contain the Israel-Hamas conflict.
The focus this week also remains on a host of economic data out of Germany, UK, Euro zone along with Big Tech Q3 earnings, preliminary Q3 U.S. GDP, the U.S. September PCE deflator and ECB and BoC monetary policy meetings.
Among industrial metals, copper prices gained even as demand related concerns remain.
The estimated value of the net investor position aggregated across commodity markets increased by 31% over the week, driven by lengthening across all sectors except base metals markets (17 Oct), JPM Commodities Research said in a note.
"The estimated value of open interest in base and precious metals markets increased by +3% WOW to ~$292 billion as strong gains in precious metals outweighed a continued slump in base metals (20 Oct)," the note added.
Among agricultural metals, cocoa futures were little changed after rising as much as 2.5% to $3,786 per metric ton on Monday, the highest level seen in over 44 years. Soybeans and wheat meanwhile edged lower.
Recent Commodity Price Movements
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Energy
Metals
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Palladium ( XPDUSD:CUR ) -0.03% to $1,117.61.
- Silver ( XAGUSD:CUR ) -0.36% to $22.90.
- Copper ( HG1:COM ) +0.37% to $3.57.
Agriculture
Commodity ETFs
Gold ETFs:
Other Metal ETFs:
Oil ETFs:
Agriculture ETFs:
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More on commodities
- U.S. Oil And Gas Echoes Macro And Geopolitical Environment (Video)
- Cautiously Bullish Oil
- There Is Way Too Much Misinformation On U.S. Oil Production
- Crude oil slides on continued efforts to contain Israel-Hamas war
- Copper drops to 11-month lows on weak China demand, rising inventories
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Commodity Roundup: Gold prices dip, Brent at $90/bbl with focus on U.S. data, Middle East