Commodities extend losses after positive US data
ecPulse
2014-08-21 14:25PM UTC
Gold remained to the downside as well as crude oil prices Thursday afternoon, weighed by a slew of positive economic data from the world`s largest economy. The commodity market saw a sell-off after the US Labor Department said that filing for unemployment benefits dropped to the a seven-year low last week, fueling expectations that the Federal Reserve might start tightening its bullion-friendly policy, with a sooner-than-expected interest rate hike. As of 09:04 a.m. ET, Spot Gold was down 1.27% at $1,276.75 an ounce. Among other precious metals: - Spot Silver was down 0.45% at $19.42 an ounce - Spot Platinum was down 0.54% at $1,420.25 an ounce - Spot Palladium was up 0.92% at $876.90 an ounce Gold prices were already weighed by yesterday`s FOMC minutes which brought the reality of the coming policy pivot a little closer to view, suggesting if the economy and employment continue to improve, monetary tightening will be incremental and predictable. On the energy markets, oil futures traded lower under the impact of China`s downbeat growth data amid signs of slower demand in the world`s second-biggest consumer. The HSBC flash China Manufacturing PMI moderated to 50.3 this month, down from 51.7 in July, trailing analysts` average forecast of 51.5. - West Texas Intermediate for October delivery fell 0.33% to $93.12 a barrel. - Brent for delivery in October fell 0.81% to $101.45 a barrel on the ICE Exchange in London Pressure was still evident on the dollar-denominated commodities. The dollar hit the highest level in almost a year against a six-currency basket, f ollowing the jobless claims data. As of 16:16 GMT+3, the USDIX traded around 82.25 from 82.29, after hitting an 11-month high of 82.36.
Commodities News
Commodities
Oil prices reverse lower, with US crude slumping 7% this week
2024-05-03 19:36PM UTC
Oil prices fell on Friday to seven-week lows amid concerns about oversupplies after an unexpected ...
Commodities
Gold under pressure ahead of US jobs data
2024-05-03 08:37AM UTC
Gold prices fell in European trade on Friday, extending losses for the second straight session and ...
Commodities
Gold gains ground as dollar dips while traders digest Fed's decisions
2024-05-02 18:30PM UTC
Gold prices rose on Thursday as the dollar fell against most major rivals, while investors digest ...
Commodities Technical Analysis
Commodities
Brent oil price forecast update 03-05-2024
2024-05-03 13:54PM UTC
Brent oil price shows new negative trades now in attempt to resume the correctional bearish trend, ...
Commodities
Crude oil price forecast update 03-05-2024
2024-05-03 13:54PM UTC
Crude oil price resumes its negative trading to move away from 79.60$ level, reinforcing the ...
Commodities
Silver price forecast update 03-05-2024
2024-05-03 13:53PM UTC
Silver price declines again to reach our waited target at 26.00$, waiting to break this level to ...