COM - Commodity Roundup: Gold soars above $2000/oz oil extends slide as OPEC+ delay meeting
2023-11-27 05:57:48 ET
Gold prices rose above the $2,000 an ounce mark at the start of the week on Monday, advancing to a six-month high , as expectations that the Federal Reserve has reached the end of its rate-hiking cycle, pushed the dollar index ( DXY ) lower, lifting non-yielding bullion. Investors will also seek guiding from US PCE and ISM data and speeches from Fed Chair Jerome Powell at the end of the week. Spot gold ( XAUUSD:CUR ) was trading +0.65% higher at $2,014.90 an ounce by 6 am ET.
Oil prices meanwhile ticked lower, with Brent t rading below $80 a barrel , as investors face a tense few days ahead of a meeting of OPEC+ on Nov. 30, which was postponed from Sunday, raising questions about global crude supplies. OPEC+ sources have said that African oil producers are seeking higher caps for 2024, while media reports suggest that Saudi Arabia may extend its additional 1 million bpd voluntary production cut which is due to expire at the end of December, Reuters reported.
In the base metals space, copper prices fell as traders kept an eye on developments on China's troubled property sector. Cash-strapped Chinese borrowers are losing another funding avenue, as default jitters rock a market that relies on quasi guarantees from banks for repayment, Bloomberg reported. Nickel prices in Shanghai hit a 16-month low on Monday, pulled down by waning demand from the stainless steel sector and higher supply in China, the world's biggest consumer of the metal. Data on Monday showed China's industrial profits growth slowed, declining by 7.8% year-on-year to CNY 6,115.42 billion in the first ten months of 2023, although slowing from a 9% slump in the prior period, amid fragile economic recovery.
Elsewhere among agriculture commodities, soybeans, cocoa and wheat traded lower.
Recent Commodity Price Movements
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Energy
Metals
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Palladium ( XPDUSD:CUR ) +1.20% to $1,081.63.
- Silver ( XAGUSD:CUR ) +1.98% to $24.78.
- Copper ( HG1:COM ) -0.20% to $3.78.
Agriculture
Commodity ETFs
Gold ETFs:
Other Metal ETFs:
Oil ETFs:
Agriculture ETFs:
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Commodity Roundup: Gold soars above $2,000/oz, oil extends slide as OPEC+ delay meeting