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.
Commodities posted a confident downward development in course of the past 24 hours. Gold and silver suffered the least yesterday, by losing just 0.29% and 0.31%, respectively. However, other components that are included in our review, showed a decline of more than 0.5%, while Crude oil and 1.41% led the losers' side by depreciating as much as 1.1% and 1.41%,
Oil returned back in red on Wednesday, as investors were cautiously awaiting the fresh report on stockpiles in the US. Therefore, both Crude and Brent were down 3.07% and 2.5%, correspondingly.
It seems that events in Vienna, where the nuclear deal with Iran was signed, used to have no significant downward impact on oil prices.
Oil prices experienced a decline of more than one percentage point yesterday, as the Iran nuclear deal was approaching its final end after missing four deadlines in the past 18 days.
The most traded commodities, including gold and oil, were mostly unchanged in their price last Friday.
Despite early gains, gold advanced by just 0.1% yesterday and was the worst performer among major commodities that are included in our review.