Commodities Market Today | May 07, 2024

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Synopsis:

The commodities market today was influenced by the weak job numbers, fears of a Federal Reserve rate change, and anticipation that Hamas and Israeli forces might start again. The 10-year US notes decreased by 1.3 basis points to 4.487% whereas the dollar index fell for the fourth consecutive day to 105.10, down 0.07%. US crude increased and ended at $78.48 a barrel, and Brent went up at $83.33 a barrel. Gold prices surged as the weakening dollar pushed US gold futures for June delivery up by 0.9% to $2,331.20 per ounce.

Top News and Events

  • Weak Job Numbers Led to Drop in Treasury Yields: Weak job numbers prompted investors to anticipate a rate cut, causing a slight drop in Treasury yields, with the yield on 10-year US notes decreasing by 1.3 basis points to 4.487%.
  • Dollar Index Slides on Slower Job Growth: The dollar index fell for the fourth consecutive day to 105.10, down 0.07%, due to slower job growth, calming fears of a Federal Reserve rate hike.
  • Oil Prices for June Hiked by Saudi Arabia: US crude increased and ended at $78.48 a barrel, and Brent went up at $83.33 a barrel as Saudi Arabia increased crude prices for June, and anticipation that conflict between Hamas and Israeli forces might start again.
  • Gold Prices Rise Amid Weakening Dollar: Gold prices surged as the weakening dollar pushed US gold futures for June delivery up by 0.9% to $2,331.20 per ounce.

Additional ReadCommodities Market Today

Prices of Popular Commodities

The day’s rate of Gold, Silver, Natural Gas, Crude Oil (Brent), Crude Oil (WTI)

Name

LTP

Change

Change%

GOLD

₹71,525.00

+584.00

+0.82

SILVER

₹81,124.00

+1213.00

+1.52

COPPER

866.9

11.3

1.32

CRUDE OIL

₹6,513.00

-76.00

-1.15

NATURAL GAS

₹178.60

+8.80

+5.18

Additional Read: Share Market News

Note: Stats/Prices updated as of May 7, 2024, at 9:06 AM 

Source: Moneycontrol

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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