Commodity Corner: Oil prices slip on rising supply; gold gains on softer Fed rate-hike bets

Commodity markets traded mixed on October 5, with oil prices slipping as rising crude exports from the Middle East and a release of oil stocks by G7 nations added to supply, while gold prices edged higher as softer economic data lowered expectations of a Federal Reserve rate hike in October, boosting demand for the non-yielding asset.

Oil prices slipped on Monday as rising crude exports from the Middle East and a release of oil stocks from Group of Seven nations are adding to supplies despite ongoing concerns about further damage to Gulf oil infrastructure amid the Iran war.

Brent crude futures fell 35 cents, or 0.34%, to $101.90 a barrel, while US West Texas Intermediate crude was at $90.49 a barrel, down 62 cents, or 0.68%.

Gold prices drifted higher on Monday after recent soft economic data sharply lowered expectations of a Federal Reserve rate hike in October, increasing the appeal of the non-yielding asset.

Spot gold was up 0.4% to $4,158.17 per ounce. US gold futures for December delivery rose 0.6% to $4,186.40.

US job growth slowed more than expected in September, and the nonfarm payrolls count for the prior two months was revised sharply lower, data showed on Friday.

Among other precious metals, silver climbed 1.3% to $61.15 an ounce after falling more than 6% last week, the most since mid-July. Platinum and palladium advanced.

The dollar started the week on a firm footing, hovering near a 17-month high on Monday as traders weighed receding odds of a Federal Reserve rate hike this month after soft US jobs data while fiscal worries in France left the euro vulnerable.