Commodities Market Today | Oil Down 1% on Soft Summer Demand

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Synopsis:

The commodities market today reacts to the latest US Q1 growth data. The 10-year yield fell to 4.55%, the dollar index dropped to 104.74, US crude declined over 1% yesterday, while spot gold rose slightly to $2,341.89 per ounce.

Top News and Events

  • Treasury Yields Retreats: US Treasury yields dipped as investors awaited economic data, with the 10-year yield falling to 4.55% from Wednesday's 4.6%.
  • Dollar Falls on Slower GDP Growth: The dollar declined after revised GDP data showed slower growth in Q1, with the currency index dropping to 104.74 from an overnight peak of 105.18.
  • Crude Oil Declines Amid Soft Summer Demand: US crude oil fell over 1% on Thursday, as summer demand softens. Brent is down 6.8% in May 2024.
  • Gold Gains as Fed Rate Cut Hopes Rise: Gold prices rose slightly as economic data hinted at potential Fed interest rate cuts, with spot gold at $2,341.89 per ounce and US gold futures settling at $2,366.5.

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

₹71,751.00

-427.00

-0.59

SILVER

₹92,544.00

-1637.00

-1.74

COPPER

₹880.30

-26.70

-2.94

CRUDE OIL

₹6,602.00

-37.00

-0.56

NATURAL GAS

₹222.20

+6.80

+3.16

Note: Stats/Prices updated as of May 31, 2024, at 9:15 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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