Commodity Capsule: Brent crude and gold steady; copper rises | Watch video

Commodity Capsule: Gold prices steadied on Friday hovering around $2,000 an ounce.

Markets mellowed ahead of key nonfarm payrolls data.

The yellow metal is headed for weekly loss as risk appetite improved in the wake of dovish signals from the Federal Reserve.

Gold garnered some support from a drop in the dollar and Treasury yields

Gold was also hit with some profit-taking this week, after increased safe-haven demand, after bullion shot up over 10 per cent in October.

Gold in spot and futures markets were down about 1 per cent this week.

Markets were now awaiting key nonfarm payroll data for October, due later on Friday.

Oil prices steadied on Friday after weakened dollar and easing concerns over the Israel-Hamas war spurred wild swings over the prior sessions

Crude benchmarks were set to lose between 3.5 per cent and 4 per cent for the week- their second consecutive week in the red.

Crude prices saw some strength this week after the Federal Reserve stood pat on interest rates.

Dovish signals from the Bank of Japan and the Bank of England offered some support.

But this was largely offset by declining concerns over the Israel-Hamas war.

Pressure on oil came from a lack of escalation in the Israel-Hamas war, as Arab states appeared to show no inclination to join the conflict directly.

ANZ RESEARCH says the Israel-Hamas war puts Iran’s oil production and exports at risk.

Further, it says any broadening of conflict could push prices towards $120/bbl.

Copper prices rose on Friday and were on track for their second straight week of gains supported by a weaker dollar.

Copper on the London Metal Exchange advanced past $8,200/metric ton.

The dollar index was set for a weekly decline as traders wagered that the US Federal Reserve was most likely done with interest rate increases.

SHFE aluminum was set for the biggest weekly gain since Sept. 1, as smelters in Yunnan province trimmed production due to limited hydropower sources.

Citi research sees 0-3 month point price for aluminum at $2,300/t (prior $2,100/t).

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