Precious metals moved slightly higher on Friday, supported by more weakness in the US dollar.
Other commodities like base metals and oil declined as investors refrained from making big bets on economically sensitive materials following a report suggesting consumer demand is still soft.
Trading was generally quiet on Friday amid light volume, which can exaggerate moves in the market. The mixed bag of news for commodities has become a familiar pattern in recent weeks as investors weigh the impact of a weak US dollar against lingering concerns about the economy’s health.
“People seem to be a bit more anxious about the economy than they were even two weeks ago,” said Matt Zeman, head trader at LaSalle Futures in Chicago.
OIL: Oil prices fell on Friday as traders booked profits from a strong rally and fretted about lackluster US consumer spending and new unrest in oil-producing Nigeria.
New York’s main futures contract, light sweet crude for delivery in August, tumbled US$1.07 a barrel from Thursday to close at US$69.16. It had risen US$1.56 on Thursday.
In London, Brent North Sea crude for August dipped US$0.86 to US$68.92.
“There are a lot of concerns about the spending data,” said Ellis Eckland, an independent trader.
“We are in the driving season and the [gasoline] demand remains weak,” he added.
The Commerce Department reported US consumer spending rose a tepid 0.3 percent last month from April, mainly as a result of a massive government stimulus launched by US President Barack Obama.
Traders focused on the weakness in US gasoline demand in the run-up to the July 4 Independence Day holiday.
METALS: September silver gained US$0.124 to US$14.1560 an ounce on the New York Mercantile Exchange. However, silver ended the week down for the fourth straight week, slipping 0.3 percent over the five-day period.
Gold for August delivery added US$1.50 to US$941 an ounce on the NYMEX, while July platinum rose US$12 to US$1,203 an ounce.
Gold, which investors use as a hedge against inflation, ended the week up 0.5 percent after three straight weeks of declines.
Among base metals, September copper futures fell less than 1 penny to US$2.3090 a pound, but ended the week up 2.1 percent.
Aluminum prices dipped 2 percent on Friday.
GRAINS AND SOYA: Grain prices rose slightly on the Chicago Board of Trade. September wheat futures rose US$0.015 to US$5.63 a bushel, while corn for September delivery added US$0.0175 to US$3.9175 a bushel.
August soybeans inched up US$0.01 to US$11.28 a bushel.
NEXT GENERATION: The four plants in the Central Taiwan Science Park, designated Fab 25, would consist of four 1.4-nanometer wafer manufacturing plants, TSMC said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) plans to begin construction of four new plants later this year, with the aim to officially launch production of 2-nanometer semiconductor wafers by late 2028, Central Taiwan Science Park Bureau director-general Hsu Maw-shin (許茂新) said. Hsu made the announcement at an event on Friday evening celebrating the Central Taiwan Science Park’s 22nd anniversary. The second phase of the park’s expansion would commence with the initial construction of water detention ponds and other structures aimed at soil and water conservation, Hsu said. TSMC has officially leased the land, with the Central Taiwan Science Park having handed over the
AUKUS: The Australian Ambassador to the US said his country is working with the Pentagon and he is confident that submarine issues will be resolved Australian Ambassador to the US Kevin Rudd on Friday said that if Taiwan were to fall to China’s occupation, it would unleash China’s military capacities and capabilities more broadly. He also said his country is working with the Pentagon on the US Department of Defense’s review of the AUKUS submarine project and is confident that all issues raised will be resolved. Rudd, who served as Australian prime minister from 2007 to 2010 and for three months in 2013, made the remarks at the Aspen Security Forum in Colorado and stressed the longstanding US-Australia alliance and his close relationship with the US Undersecretary
‘WORLD WAR III’: Republican Representative Marjorie Taylor Greene said the aid would inflame tensions, but her amendment was rejected 421 votes against six The US House of Representatives on Friday passed the Department of Defense Appropriations Act for fiscal 2026, which includes US$500 million for Taiwan. The bill, which totals US$831.5 billion in discretionary spending, passed in a 221-209 vote. According to the bill, the funds for Taiwan would be administered by the US Defense Security Cooperation Agency and would remain available through Sept. 30, 2027, for the Taiwan Security Cooperation Initiative. The legislation authorizes the US Secretary of Defense, with the agreement of the US Secretary of State, to use the funds to assist Taiwan in procuring defense articles and services, and military training. Republican Representative
TAIWAN IS TAIWAN: US Representative Tom Tiffany said the amendment was not controversial, as ‘Taiwan is not — nor has it ever been — part of Communist China’ The US House of Representatives on Friday passed an amendment banning the US Department of Defense from creating, buying or displaying any map that shows Taiwan as part of the People’s Republic of China (PRC). The “Honest Maps” amendment was approved in a voice vote on Friday as part of the Department of Defense Appropriations Act for the 2026 fiscal year. The amendment prohibits using any funds from the act to create, buy or display maps that show Taiwan, Kinmen, Matsu, Penghu, Wuciou (烏坵), Green Island (綠島) or Orchid Island (Lanyu, 蘭嶼) as part of the PRC. The act includes US$831.5 billion in
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