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Commodities Market Today | Oil Dips 0.3% on Interest Rate Prospects

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Synopsis:

The commodities market today is driven by retail sales data and Israeli movement in Gaza. The 10-year yield rose to 4.257%, the dollar index rose to 105.64. Brent crude contracts rose to $85.60/barrel, while spot gold rose 1.33% to $2,358.26/ounce.

Top News and Events

  • Dollar Rises on Interest Rate Differentials: The dollar edged higher by 0.37%, reaching 105.64, due to wider interest-rate differentials as other major economies cut rates and parts of Europe face political turmoil.

  • Treasury Yields Increase Amid Economic Concerns: US Treasury bond yields rose with the 10-year yield adding 4 basis points to 4.257% as investors evaluated fresh economic data showing signs of a slowing economy.

  • Crude Oil Prices Dip on Rate Prospects: Crude oil futures slid with Brent futures down 11 cents to $85.60 per barrel and US crude down 9 cents to $81.20 per barrel due to higher-for-longer interest rates, though falling US oil inventories prevented a further drop.

  • Gold Prices Surge to Two-Week High: Gold prices rose over 1%, with spot gold up 1.33% to $2,358.26 per ounce, reaching their highest level in two weeks.

Additional Read: Commodities 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

₹71,807.00

+280.00

+0.39

SILVER

₹89,910.00

+1766.00

+2.00

COPPER

₹858.20

+7.35

+0.86

CRUDE OIL

₹6,790.00

-20.00

-0.29

NATURAL GAS

₹228.90

-13.90

-5.72

Note: Stats/Prices updated as of June 21, 2024, at 9:19 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.

For All Disclaimers Click Here: https://bit.ly/3Tcsfuc

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