CUR - Commodity Roundup: Gold set for third-straight weekly gain natural gas futures jump
2023-10-27 06:01:52 ET
Precious metal prices rose on Friday with gold headed for a third weekly gain supported by safe haven flows amid the Israel-Hamas war, even as prospects of higher-for-longer U.S. interest rates loom. Spot gold ( XAUUSD:CUR ) was also on track for its biggest monthly gain since March. Additionally, the dollar index ( DXY ) eased slightly, further supporting prices of commodities linked against greenback.
Market attention also remains on the release of the PCE deflator data, the Federal Open Market Committee’s preferred inflation gauge.
Oil prices also rose on Friday as reports that the U.S military struck Iranian targets in Syria, raised concerns of widening of tensions in the Middle East, which could impact supply from the region. Brent crude however, was on course for a weekly fall.
U.S. natural gas futures (NG1:COM ) also moved up on their way to the biggest weekly gain this year. Stocks for the week ended Oct. 20, 2023 were 3,700 Bcf vs. 3,626 Bcf for the week ended Oct. 13, 2023.
Among industrial metals, copper prices ( HG1:COM ) rose, while Nickel fell, pressured by a surplus in the global market and on track for their biggest weekly decline in a month. LME nickel was also set for the worst weekly performance since the week ended Sept. 29, down 3.2%, Reuters reported.
Elsewhere in the agriculture market, wheat, cocoa and soybean prices gained.
Recent Commodity Price Movements
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Energy
Metals
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Palladium ( XPDUSD:CUR ) +0.13% to $1,134.57.
- Silver ( XAGUSD:CUR ) +0.03% to $22.84.
- Copper ( HG1:COM ) +0.69% to $3.59.
Agriculture
Commodity ETFs
Gold ETFs:
Other Metal ETFs:
Oil ETFs:
Agriculture ETFs:
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Commodity Roundup: Gold set for third-straight weekly gain, natural gas futures jump