Crude oil continued tumbling on Wednesday, by falling 1.30% after a slight decrease on Tuesday and a 7% slump back on Monday.
Greek crisis failed to increase demand for the safe-haven assets yesterday, while market participants are focusing on the Fed's first interest rate hike and stronger US Dollar.
Oil prices experienced one of the steepest daily declines in many months, by retreating as much as 7% on Greek "No" vote in a referendum back on Sunday. The outcome boosted the US currency, making commodities generally less attractive.
Natural gas, Crude oil, corn and silver were completely unchanged in their prices last Friday, reflecting calm trading session due to closure of the American market.
Even though the precious metal decreased in price by only 0.22% yesterday, it was the biggest loser of the trading session, while the majority of other commodities climbed.
All but one commodity on the market were on the side of under-performers yesterday, as only corn added 0.12%. In the meantime, oil dropped in price quite substantially Wednesday, by plummeting 4.22% and 2.48% for Crude and Brent types of it, respectively. Gold, however, suffered the least and was down just 0.3%.
Oil retreated the most among main commodities that are included in our review, as a daily decline reached 0.63%. Alongside, silver stood on the side of under-performers as well, while losing 0.25% on Tuesday.
The main under-performer on Monday was oil, which dropped by around 2% due to worries over Greece.
While oil, gold and silver traded with just minor changes on Friday, there were two other commodities, which showed a considerable daily development.
Gold was broadly silent during the trading session on Thursday, as mixed fundamental environment in the US failed to encourage either bulls or bears for decisive moves.
US first-quarter GDP got an upgrade on Wednesday, therefore sending the safe-haven asset deeper to the downside.
The commodity market showed no united tendency on Tuesday, as oil and corn managed to rally, while others lost value during the trading session.
Demand for the safe-haven asset was curbed yesterday, following relatively successful negotiations between Greece and its creditors, which sent the bullion's price significantly to the downside.
Gold failed to extend gains on Friday, as the US Dollar returned to growth and pushed the precious metal 0.14% lower on the daily basis.
The yellow metal was undeniably the best performer of the yesterday's trading session, as it managed to surge by 1.38% on a daily basis.
The FOMC meeting yesterday used to have bearish impact on the US Dollar, as the Fed decreased US GDP growth forecasts for this year, while adding that the pace of monetary policy tightening is likely to be slower than anticipated in 2016.
Despite an advance of gold after the US fundamentals on Tuesday, the market stayed broadly tepid ahead of the key meeting of the Federal Reserve on Wednesday, when greater volatility is expected from the bullion. Moreover, the metal still failed to climb enough in order to register a daily increase in value, as it fell 0.37% on the day-to-day basis.
Commodity market performed in the mixed environment on Monday, as the only distinct market mover was natural gas, which surged 5% during the first trading session of the week.
Gold has generally outperformed during second trading week of June, despite falling on Thursday and hovering in the sideways trend just before the weekend.
There has been a moderate decline registered by all but one commodity from our review on Thursday.
All but one commodity posted a moderate bullish tendency on Wednesday, as only corn dropped considerably by 2.12%.
Gold moved marginally to the upside during the trading session on Tuesday, even though an increase was rather shallow, as market participants are betting on the outcome of the next week's Federal Reserve meeting.
The US non-farm payrolls report of the previous week has positively weighed on the Buck.
On Friday, the yellow metal received some bearish impetus from considerably better than estimated fundamentals from the world's largest economy and Canada, as they both released the labour market statistics, which significantly exceeded analysts' forecasts.