Precious metals were the biggest gainers from quite dovish Fed meeting minutes released yesterday evening, as silver and gold advanced 2.9% and 1.4%, respectively.
Crude climbed 1.3% on Tuesday in anticipation of another weekly report on US stockpiles, which are estimated to drop further. On the other hand, Brent was kept under pressure with a 0.12% loss on a daily basis.
Precious metals, which include silver and gold, traded on a positive territory yesterday. Their gains were extended up to 0.6% on a daily basis, while the majority of other commodities fell in value. Among them, oil was trading down 0.1-0.5%, as the downward pressure keeps to be created by rising global stockpiles amid Iran returning to the market.
Commodities traded lower on Friday, as Brent oil crashed 1.8% to fall below the level of $49 per barrel. On the contrary, Crude managed to hold marginally above 0%, while in terms of price it stood around $41. The same situation was observed with precious metals, as gold was unchanged during the last day of the previous week, while silver
Precious metals dropped more than 0.8% yesterday, as market volatility decreased after China's recent intervention in the currency market, while gold and silver are now focusing back on core fundamentals.
Both gold and silver were beneficiaries from decisions made by the People's Bank of China in recent days. They were up 1.4% on Wednesday, as devalued Yuan may increase volatility on the markets and create uncertainty over the world economic outlook.
Oil prices retreated again, by slipping 2-3% amid increasing production in OPEC countries. Additionally, bears are benefitting from the decision of the People's Bank of China to devalue the Yuan. As a result, Crude spot hit a new five-year low at $43.07 per barrel, while Brent neared the $49 mark.
Gold prices rallied more than one percentage point on Monday, extending gains above $1,100 per ounce amid dovish comments from the Fed Vice-Chairman Stanley Fisher. He assumed that the Federal Reserve may delay a rate hike, until it sees improving CPI readings.
Initial reaction on US non-farm payrolls spurred a substantial drop in gold prices. However, weakness turned to be only short-lived and the metal regained strength to register an overall 0.24% rise on Friday.
Oil is facing a steep weekly decline, while losses continued to be registered back on Thursday. Crude was down by 1% to trade below the $45 mark, while Brent fell 0.22% and therefore stayed under the level of $50 per barrel. Main reasons for a recent drop in prices are oversupply and strong US Dollar.
Commodities recorded somewhat mixed development in the past 24 hours. Among gainers, corn and silver rallied 1.06% and 0.31%, respectively. Gold remained broadly unchanged, while market participants are waiting for a report on US non-farm payrolls tomorrow.
Commodities traded in green on Tuesday, as all of them managed to show at least some positive daily change. Among them, oil prices have partly erased losses from Friday and Monday, when a plunge was reaching 3-4%. Yesterday, however, an increase amounted to just 1%; therefore, any stronger recovery is an issue for the long-term.
Commodities were under pressure in the beginning of a new working week. Only natural gas managed to rally 0.47%. On the contrary, oil continued to slide on Monday, with losses ranging from 3% to 4% for different types of this commodity.
Oil prices crashed more than 3% during the trading session on Friday. Iranian officials confirmed they are ready to boost production as soon as possible, thus hitting already oversupplied oil market. Meanwhile, natural gas and corn followed with a drop of 1.51% and 1.3%, accordingly. On the other hand, gold recovered 0.39%, while silver was broadly unchanged on a daily
Commodities were out of favour yesterday.
Gold continues to appreciate, but at the slowest pace among the commodities.
Even though gold appreciated yesterday, it showed the most timid growth among the commodities.
Gold retraced some of the yesterday's gains, but so far this week it remains the most bullish asset.
Gold turned out to be the best performing asset among the commodities.
Oil prices dumped more than 1% on Thursday, as analysts see the fossil fuel returning back to bear market. Moreover, global supply may remain under pressure due to Iranian deal, which paved the way for rising exports of oil from this country.
Both Crude and Brent prices were down on Wednesday, after a release on US oil inventories showed the stockpiles rose 2.5 million barrels last week. As a result, Brent dipped 1.53% to fall below $50 a barrel, while Crude is trading down 2.6% to around $56.
All commodities without any exception were trading to the upside on Tuesday, even though some of them posted just a marginal increase in value at the end of the session. Among them were gold and corn, which added just 0.02% and 0.12%, correspondingly.
With no surprise, the precious metal posted a steep 2.9% plunge in price on Monday, while losses were even exceeding 4% at the worst moment early yesterday morning.
Gold dropped as much as 1.09% on Friday, but it was only the third worst-performing commodity from the list that is covered by our review. Corn and natural gas depreciated the most by 2.4% and 1.57%, respectively.