Commodities News

Gold continues to flounder as the oil markets prosper

Spot Oil prices are higher overnight after the US withdrew from the Iran Deal yesterday. US WTI bottomed at $67.56 yesterday and is now currently trading at $70.94.

Since Trump refrained from announcing the immediate start of sanctions against Iran, some are saying there is still room for compromise. They believe that Trump may pull out of the deal without reimposing the sanctions. By delaying the sanctions for 90 to 180 days, it gives some of the United

The prices have been locked in a tight range over the last few days

During yesterday’s trading session Crude Oil WTI rose above $70 for the first time since 2014, as US President Trump announced that he would reveal his decision on the Iran Deal today at 18:00 GMT.

Commodity prices finished mixed on Monday with metals being pressured by a strong U.S. Dollar, crude oil being supported by concerns over President Trump’s decision on the Iran nuclear deal and natural gas being helped by demand worries.

Gold prices have continued to consolidate and trade in a slow and steady manner over the last few days. They have not been able to break through the $1320 region and continue to flounder.

The commodity markets are in a tight range ahead of the NFP

The prices have been trading near the lows of its range

The prices have been pretty stable near their support region as the market awaits US data

U.S. West Texas Intermediate and international-benchmark Brent crude oil settled sharply higher on Monday, driven by bullish comments from Israeli Prime Minister Benjamin Netanyahu.

The prices have been trading near the range lows over the past couple of days

Gold futures rose on Friday after the dollar retreated from its highest level since January 10 and U.S. Treasury yields backed off multi-year highs reached earlier in the week. However, investors said the prospect of a Korean denuclearization deal eroded bullion’s safe-haven appeal.

Facebook shares jumped 9.1 percent after the social media company posted better-than-expected earnings and revenue for the first quarter. Advanced Micro Devices rose about 14 percent after it posted better-than-expected earnings.

The prices have been under pressure due to dollar strength

The gold prices continue to trade at the lows of the range

The major U.S. stock indexes posted huge losses on Tuesday, giving up earlier gains, as investors reacted to the 10-year yield hitting 3 percent and comments on a conference call from major Dow-component Caterpillar that hinted economic growth may slow later in the year.

The gold prices are likely to remain under pressure

The prices are now trading below the $1330 region as the dollar gains across the board

The prices have moved back below $1350 on the back of dollar strength