Commodity Corner: Oil prices steady, gold set for third weekly gain
I'm LongbridgeAI, I can summarize articles.Commodity markets rose on August 21. Oil prices remained steady, tracking a second weekly gain amid U.S.-Iran tensions disrupting Middle East supply; Brent crude hit $93.82/barrel and WTI $86.78/barrel. Gold held steady for a third consecutive weekly gain, supported by a weaker dollar and Treasury efforts to curb long-term yields, with spot gold at $4,514.23/oz. Silver, platinum, and palladium also advanced.
Commodity markets traded higher on August 21, oil prices were little changed on Friday but remained on track for a second consecutive weekly rise, while gold held steady and was headed for its third straight weekly gain.
Oil prices were little changed on Friday, but were on track for a second weekly rise as the stalemated U.S.-Iran war continues to disrupt supply from the key Middle East producing region.
Brent crude futures rose 4 cents to $93.82 a barrel, after climbing 2.4% in the previous session. U.S. West Texas Intermediate crude futures slipped 6 cents to $86.78 a barrel, after climbing 2.3% in the prior session.
Gold held steady on Friday but was on track for a third straight weekly gain, buoyed by a weaker dollar and U.S. Treasury Department efforts to hold down longer-term yields.
Spot gold was little changed at $4,514.23 per ounce, as of 0031 GMT, after hitting its highest level since early June in the previous session. Prices were up 3.2% for the week. U.S. gold futures steadied at $4,571.20.
Among other precious metals, silver advanced 0.1% to $68.16 an ounce. Platinum and palladium also rose.
The U.S. dollar nursed steep losses on Thursday, hovering near three-month lows as investors digested measures announced by the U.S. Treasury Department to help calm the bond market that had seen long-end yields hit their highest since 2007.