COM - Commodity roundup: Gold stays in green on Fed uncertainty; oil extends losses
2023-11-16 06:16:56 ET
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Precious metal prices were seen in green territory on Thursday, with gold prices ( XAUUSD:CUR ) marginally higher to $1,966.29 an ounce at 06.00 am ET after strong U.S. retail sales data questioned the end of the Fed's tightening cycle. U.S. interest rates ( IEF ) were seen falling; lower interest rates are beneficial for gold, as traditionally they are inversely correlated. The U.S. dollar ( DXY ) moved slightly higher after retail sales fell less than expected in October.
Safe haven demand for gold was slightly aided by high-level U.S.-China talks as Presidents Xi Jinping and Joe Biden met in San Francisco . "To regard China as a threat and engage in a zero-sum game in which you lose and I win, and you rise and I decline, is to go astray," Xi commented.
In base metals, copper continued the climb, advancing 0.30% and hitting its highest level in nearly six weeks after positive industrial production data from top consumer China lifted sentiment. Iron ore futures climb 0.36% , as investors don't seem moved by home sales and property investment remaining in contraction.
Meanwhile, in the energy market, oil prices extended losses from the previous session as signals of higher supply from the US met worries about lackluster energy demand from China. Brent futures ( CO1:COM ) were down 0.23% to $80.99 a barrel at 06.00 am ET after EIA data showed that US crude inventories jumped by about 3.6M barrels last week , much more than market forecasts for a 1.8M-barrel build. West Texas Intermediate crude ( WTI ) moved 0.15% lower to $76.53 a barrel.
In the gas market, natural gas moved 1.70% higher to $3.24. "European benchmark prices fell after a weather report forecast that unusually mild weather would continue. There have been some initial withdrawals from gas storage facilities; however, they remain more than 99% full. The IEA warned the region shouldn’t become complacent now that storage tanks are full," said ANZ.
In the agriculture market, soybean and wheat futures turned red , while cocoa moved 1.8% higher.
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Recent Commodity Price Movements
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Energy
Metals
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Palladium ( XPDUSD:CUR ) -0.29% to $1,028.46.
- Silver ( XAGUSD:CUR ) +1.07% to $23.67.
- Copper ( HG1:COM ) +0.29% to $3.73.
Agriculture
Commodity ETFs
Gold ETFs:
Other Metal ETFs:
Oil ETFs:
Agriculture ETFs:
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Commodity roundup: Gold stays in green on Fed uncertainty; oil extends losses