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Commodities Market Today | Gold Hits Record, Oil Rises on Middle East Tensions

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Synopsis:

The commodities market today features how gold surged 1% to a record $2,656.38 amid Middle East tensions and potential US rate cuts. Oil prices also climbed, driven by Chinese stimulus and geopolitical risks, with WTI and Brent closing higher at $71.56 and $74.50 respectively.

Top News and Events

  1. Gold rose 1% and hit a record high on Tuesday, building on its recent rally as Middle East tensions fed its safe-haven appeal, while investors latched on to fresh cues for more U.S. interest rate cuts. Spot gold was up 1.1% to $2,656.38 per ounce.

  2. Oil prices settled higher Tuesday, underpinned by additional monetary stimulus from China boosting hopes for global oil demand and the risk of escalating conflict in the Middle East disrupting supplies. The fall in the dollar also supported Crude prices.

  3. West Texas Intermediate crude futures rose 1.7% to settle at $71.56 a barrel, while Brent oil futures rose 1.8% to $74.50 a barrel.

Prices of Popular Commodities

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

Name

LTP

Change (₹)

Change (%)

GOLD

₹75,049.00

46.00

0.06

SILVER

₹92,560.00

167.00

0.18

COPPER

₹824.55

1.05

0.13

CRUDE OIL

₹5,985.00

87.00

1.48

NATURAL GAS

₹214.10

0.20

0.09

Note: Stats/Prices updated as of September 25, 2024, at 9:00 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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