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Commodities Market Today | Oil Up Nearly 2% on Libyan Supply Disruption

Synopsis:

The commodities market today is driven by US economic growth and inflation data. On Thursday, the 10-year yield rose to 3.869%, the dollar index increased to 101.35, the Brent October contract rose 1.64% to $79.94/barrel, while gold increased 0.91% to $2,525.12/ounce.

Top News and Events

  • US Treasury Yield Rises Ahead of Inflation Report: The US 10-year Treasury yield increased by nearly 3 basis points to 3.869% on Thursday as investors awaited Friday's key inflation report.

  • US Dollar Gains on Strong Q2 Growth Data: The US dollar rose for the second day on Thursday, gaining 0.3% to 101.35 after data showed the economy grew faster than expected in Q2, reducing chances of a 50 basis-point rate cut by the Fed next month.

  • Oil Prices Surge on Libyan Supply Disruption: US crude oil futures climbed nearly 2% on Thursday, rebounding from a two-day slide as Libya confirmed major disruptions in oil output. Brent's October contract rose $1.29, or 1.64%, to $79.94 per barrel.

  • Gold Prices Rise on Fed Rate Cut Hopes: Gold prices gained on Thursday, fueled by expectations of a Federal Reserve rate cut in September. Investors are now watching US inflation data for clues on the potential cut's size. Spot gold increased 0.91% to $2,525.12 per ounce.

Prices of Popular Commodities

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

Name

LTP

Change (₹)

Change (%)

GOLD

₹71,703.00

+283.00

+0.40

SILVER

₹84,989.00

+258.00

+0.30

COPPER

₹804.35

-2.60

-0.32

CRUDE OIL

₹6,257.00

-83.00

-1.31

NATURAL GAS

₹176.10

+16.30

+10.20

Note: Stats/Prices updated as of August 30, 2024, at 9:01 AM.

Source: Moneycontrol

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