Commodity Corner: Oil, gold prices rise amid Middle East tensions, softer dollar
I'm LongbridgeAI, I can summarize articles.Commodity markets rose on October 8, driven by Middle East supply concerns and a softer US dollar. Brent crude gained 1.33% to $101.53/barrel, while WTI rose 1.26% to $89.39. Gold edged up 0.5% to $4,132.66/oz as the dollar eased from an 18-month peak. Silver, platinum, and palladium remained stable. The weaker dollar followed abated European bond market stress and anticipation of Federal Reserve signals on potential rate hikes.
Commodity markets traded higher on October 8, with oil prices rising amid persistent Middle East supply concerns, while gold edged higher as the dollar eased from an 18-month peak.
Oil prices rose on Thursday on persistent worries about supply from the key Middle East producing region amid an increase in attacks on shipping in the Gulf and the Strait of Hormuz.
Brent crude futures rose $1.33, or 1.33%, at $101.53 a barrel. US West Texas Intermediate (WTI) crude futures gained $1.11, or 1.26%, to $89.39.
Gold prices edged higher on Thursday as the dollar eased from an 18-month peak, helping bullion recover from a two-month low, while traders weighed the prospect of another US Federal Reserve rate hike this year.
Spot gold was up 0.5% at $4,132.66 per ounce. On Wednesday, bullion prices touched their lowest level since August 5 as a firmer dollar and higher US Treasury yields weighed on the market.
Among other precious metals, silver was steady at $61.34. Platinum and palladium were stable.
The US dollar remained lower on Wednesday after stress in European bond markets abated and as eyes turned to the release of Federal Reserve minutes and speeches by its policymakers for signals on a potential rate hike.