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Commodities Market Today | Oil Prices Drop Further, Brent Down 0.78%

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Synopsis:

The commodities market today is driven by the US Fed minutes. On Wednesday, the 10-year yield rose to 4.073%, the dollar index increased to 102.68, the Brent December contract dropped 0.78% to $76.58/barrel, while gold dropped 0.5% to $2,607.7/ounce./p>

Top News and Events

  • Treasury Yields Rise as Fed Minutes Digested: U.S. Treasury yields edged higher on Wednesday after investors reviewed the Fed meeting minutes and geared up for inflation data. The 10-year Treasury yield climbed by nearly 4 basis points to 4.073%.

  • U.S. Dollar Gains on Fed's Stance: The U.S. dollar maintained its strength against major currencies after Fed minutes revealed no firm commitment to large rate cuts. The U.S. Dollar Index Futures increased by 0.36% to 102.68.

  • Oil Prices Fall After Previous Selloff: U.S. crude oil prices dipped on Wednesday following a sharp drop in the previous session. Brent December contracts decreased by 0.78% to $76.58 per barrel.

  • Gold Drops for Sixth Day as Dollar Strengthens: Gold prices fell for the sixth consecutive day on Wednesday, pressured by a stronger dollar and fading hopes for a large rate cut in November. Spot gold dropped 0.5% to $2,607.7 per ounce.

Prices of Popular Commodities

The day’s rate of Gold, Silver, Copper, Crude Oil and Natural Gas

Name

LTP

Change (₹)

Change (%)

GOLD

₹74,590.00

-689.00

-0.92

SILVER

₹88,364.00

-1641.00

-1.82

COPPER

₹836.65

-10.55

-1.25

CRUDE OIL

₹6,175.00

-303.00

-4.68

NATURAL GAS

₹229.40

-1.20

-0.52

Note: Stats/Prices updated as of October 10, 2024, at 8:41 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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