Commodity Capsule: Brent crude to snap a seven-week winning streak; Gold edges up from five-month lows | Watch video
Commodity Capsule: Oil prices looked set to snap a seven-week winning streak on Friday as concerns about demand growth in China, and the possibility of higher for longer US rates triggered losses.
Commodity Capsule: Oil prices looked set to snap a seven-week winning streak on Friday as concerns about demand growth in China, and the possibility of higher for longer US rates triggered losses.
US Federal Reserve's focus on containing inflation amid stronger-than-expected economic data was keeping a lid on oil prices.
US Labor Department reported number of Americans filing new claims for jobless benefits fell in the last week.
Upbeat US retail sales suggested that Fed may have to stick with higher rates for longer.
China's sputtering economy has whipsawed global financial markets in the past few months, with a property crisis spooking investors amid contagion fears.
Gold heads for fourth weekly decline on Fed rate fears
Gold edged up from five-month lows on Friday as the US dollar and bond yields slightly fell from highs, but bullion was set for its fourth consecutive weekly decline.
Investors fret over the Federal Reserve's higher-for-longer interest rate outlook.
SPDR Gold Trust holdings fell 0.8 per cent to 887.50 tonnes, their lowest since January 2020.
10-year US Treasury yields fell from their highest levels since October, while the dollar index edged lower.
US 30-year yields hit 12-year highs, as strong economic data raised investor expectations that Fed will hold interest rates higher for longer
ANZ says China’s disappointing economic activity is a persistent demand risk for commodities.
However, emerging supply tightness due to lower prices is likely to protect the downside, especially for the energy complex.
LME Copper rises on the weaker dollar but on track for a weekly loss
Copper prices witnessed a smart recovery, from 11-week lows in the last session, on Friday as the dollar retreated from a two-month high.
Copper is on track for weekly loss as traders gauged disappointing China economic data and fears of further US rate hikes.
LME copper was on track for 3rd straight weekly decline, while SHFE copper was also down week-on-week.
The dollar was on track for a fifth weekly gain versus major peers, the longest streak for 15 months.
The resilient US economy argued for high rates for longer while China's floundering recovery spurred demand for the safety of US currency.
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01:27 PM IST