Commodity Corner: Gold rises, oil prices steady at more than one-week highs
I'm LongbridgeAI, I can summarize articles.On August 11, commodity markets showed mixed trends. Oil prices remained steady at over one-week highs, with Brent crude at $87.81 and WTI at $82.20 per barrel, as hopes for a U.S.-Iran deal faded. Gold rose for the third consecutive session to a two-month high, with spot gold reaching $4,411.77 per ounce, driven by anticipation of upcoming U.S. inflation data that could signal the Federal Reserve's interest-rate direction. Other precious metals also saw gains.
Commodity markets traded on a mixed note on August 11, with oil prices steady at more than one-week highs, while gold rose for a third straight session to hit a more than two-month high.
Oil prices steadied on Tuesday amid fading hopes of a deal between the U.S. and Iran to end their war and reopen the Strait of Hormuz, after President Donald Trump demanded compensation for damage the U.S. has incurred.
Brent crude futures were flat at $87.81 a barrel, while U.S. West Texas Intermediate crude futures held at $82.20 a barrel.
Gold rose for a third straight session on Tuesday to hit a more than two-month high, while market participants focused on upcoming inflation data for signals on the U.S. interest-rate outlook.
Spot gold was up 0.5% at $4,411.77 per ounce, its highest level since June 5. U.S. gold futures rose 1.2% to $4,472.10.
Among other precious metals, silver rose 0.2% to $65.89 an ounce. Platinum and palladium also pushed higher.
The US Dollar Index was steady around 99.8 after rising 0.2% in the previous session, supported by a weaker yen and higher Treasury yields, while investors awaited US inflation data for cues on the Fed’s interest-rate path.