CUR - Commodity Roundup: Gold prices extend losses amid dollar strength JOLTS data awaited

2023-10-03 06:12:28 ET

Gold prices eased on Tuesday, further extending losses this week as strength in the dollar and Treasury yields, driven by expectations for U.S. interest rates to stay elevated for longer, dented investor appetite for greenback-priced bullion. Investors awaited the Job Openings and Labor Turnover Survey (JOLTS) data to be released later in the day to understand the impact of ongoing monetary policy tightening. Spot gold ( XAUUSD:CUR ) eased -0.05% to $1,826.40 an ounce by 06:07 am ET.

Palladium futures were trading not much far from the 52-week low of $1,188.60, after posting three consecutive sessions of losses. JPM expects the metal to hit $1,400 in the fourth quarter, with prices further expected to decline to $1,300 in Q1, 2024, it said in a recent note.

In the energy market, crude oil was trading around $90/barrel. "Supply side developments weighed on prices as well, with U.S. oil production hitting another record high of 13mb/d. Further, the key oil pipeline between Iraq and Turkey looks ready for operation this week," ANZ analysts said in a note.

An OPEC+ ministerial panel will be meeting online on Wednesday to review the global supply-demand market balance.

Meanwhile in the industrial market, copper prices also took a hit from a stronger dollar, while iron ore futures traded higher in Singapore, even as unfavourable steel mill margins and prospects of steel production cuts, remain a looming downside risk for the iron ore market, analysts at ANZ said.

Elsewhere, soybeans and cocoa traded lower, while wheat futures picked up in the agricultural market.

Recent Commodity Price Movements

• Energy

  • WTI Crude Oil ( CL1:COM ) +0.27% to $89.06.
  • Natural Gas ( NG1:COM ) -0.19% to $2.83.

  Metals

  • Palladium ( XPDUSD:CUR ) -0.08% to $1,200.55.

  • Silver ( XAGUSD:CUR ) +0.31% to $21.14.
  • Copper ( HG1:COM ) -0.24% to $3.62.

  Agriculture

  • Corn ( C_1:COM ) -0.37% to $486.96.
  • Wheat ( W_1:COM ) +0.02% to $564.85.
  • Soybeans ( S_1:COM ) -0.51% to $1,270.50.

  Commodity ETFs

  Gold ETFs:

  • SPDR Gold Shares ETF ( NYSEARCA: GLD )
  • VanEck Gold Miners ETF ( NYSEARCA: GDX )
  • VanEck Junior Gold Miners ETF ( NYSEARCA: GDXJ )
  • iShares Gold Trust ETF ( NYSEARCA: IAU )
  • Direxion Daily Gold Miners Index Bull 2X Shares ETF ( NYSEARCA: NUGT )
  • Sprott Physical Gold Trust ( NYSEARCA: PHYS )

  Other Metal ETFs:

  • iShares Silver Trust ETF ( NYSEARCA: SLV )
  • Sprott Physical Silver Trust ( NYSEARCA: PSLV )
  • Global X Silver Miners ETF ( NYSEARCA: SIL )
  • U.S. Copper Index Fund, LP ETF ( NYSEARCA: CPER )
  • abrdn Physical Palladium Shares ETF ( NYSEARCA: PALL )

  Oil ETFs:

  • U.S. Oil Fund, LP ETF ( NYSEARCA: USO )
  • Invesco DB Oil Fund ETF ( NYSEARCA: DBO )
  • U.S. 12 Month Oil Fund, LP ETF ( NYSEARCA: USL )
  • U.S. Brent Oil Fund, LP ETF ( NYSEARCA: BNO )
  • U.S. Natural Gas Fund, LP ETF ( NYSEARCA: UNG )
  • U.S. Gasoline Fund, LP ETF ( NYSEARCA: UGA )

  Agriculture ETFs:

  • Invesco DB Agriculture Fund ETF ( NYSEARCA: DBA )
  • Teucrium Soybean ETF ( NYSEARCA: SOYB )
  • Teucrium Wheat ETF ( NYSEARCA: WEAT )
  • Teucrium Corn Fund ETF ( NYSEARCA: CORN )

For further details see: