Commodity Capsule: Brent crude oil edge higher; gold near 5-week low; copper rises | Watch video

Commodity Capsule: Gold prices hovered near five-week lows on Thursday, as hawkish remarks from Federal Reserve officials and robust data dampened investors' expectations for deeper and early interest rate cuts in the U.S. this year.

Global gold hovers to the $2,010 per ounce mark – its lowest since Dec. 13.

The dollar has strengthened substantially in the past few days, putting a strain on gold prices.

The dollar held close to a five-week peak after data overnight showed U.S. retail sales increased more than expected in December.

Yields on the benchmark U.S. 10-year Treasury notes also hovered near five-week highs.

Money markets were betting on 142 basis points of Fed rate cuts this year, while pricing in a 61 per cent chance of a March easing

Oil prices edged higher on Thursday as OPEC forecast strong growth in global oil demand over the next two years.

A cold blast in the US disrupted some oil production, supporting crude oil prices.

Brent crude futures edge past $78 a barrel. The US West Texas Intermediate crude futures rose to $73 a barrel.

OPEC, in a monthly report, said world oil demand will rise by a robust 1.85 million barrels per day (bpd) in 2025.

For 2024, OPEC saw demand growth of 2.25 million bpd, unchanged from its forecast in December.

In North Dakota below-zero degrees Fahrenheit temperatures caused oil output there to fall by 650,000 to 700,000 bpd.

US weekly crude stockpiles rose last week by 480,000 barrels-- American Petroleum Institute.

US government data on oil inventories is due later on Thursday.

International Energy Agency expects oil markets to be in a "comfortable and balanced position" this year - despite Middle East tensions - amid rising supply and a slowing demand growth outlook—Executive Director, Fatih Birol.

Copper prices rose in London on Thursday, rebounding from an eight-week low hit in the previous session, as a softer dollar made greenback-priced metals cheaper for holders of other currencies.

Copper on the London Metal Exchange edged towards $8,300 per metric ton.

LME Aluminum and zinc edged higher from five-week lows.

The dollar index eased from a one-month peak versus major peers.

Copper is still on track for the fourth straight week of losses on both bourses, weighed down by a strong dollar as bets of U.S. rate cuts receded.

On the COMEX, short positions on copper shot up in the first week of 2024, and money managers turned net short on copper by Jan. 9 for the first time since Nov. 14 last year.

Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.