Oil prices rebounded and gold firmed this week as markets reacted to geopolitical concerns and the outlook for interest rates in the US.
A strong US dollar capped gains for certain commodities priced in the US unit and caused others to drop week-on-week.
The dollar has fought back against the euro in recent weeks as markets bet on rises to US interest rates later this year despite a clouded outlook. This has made dollar-denominated raw materials like oil and gold more expensive for holders of rival currencies, denting demand.
Photo: Bloomberg
OIL: Crude prices rose, supported by concerns over Iran’s nuclear deal that helped to offset worries about a US supply glut according to analysts.
By Friday on London’s Intercontinental Exchange, Brent North Sea crude for delivery in May jumped to US$56.84 a barrel from US$54.80 on Thursday of the previous week, when trading stopped earlier than usual for Easter.
On the New York Mercantile Exchange, West Texas Intermediate or light sweet crude for May climbed to US$50.80 compared with US$49.29.
PRECIOUS METALS: Gold rose slightly, with support coming from the fact that it is regarded by investors as a safe bet in times of geopolitical and economic uncertainty.
By Friday on the London Bullion Market, the price of gold firmed to US$1,207.35 an ounce from US$1,198.50 on Thursday of the previous week.
Silver fell to US$16.55 an ounce from US$16.84.
On the London Platinum and Palladium Market, platinum rose to US$1,171 an ounce from US$1,154.
Palladium increased to US$777 an ounce from US$751.
BASE METALS: Base or industrial metals diverged as traders assessed the growth outlook for China.
By Friday on the London Metal Exchange, copper for delivery in three months rose to US$6,025.50 a tonne from US$5,993 on Thursday of the previous week.
Three-month aluminum fell to US$1,766.50 a tonne from US$1,774.50.
Three-month lead increased to US$1,998.50 a tonne from US$1,870.
Three-month tin dropped to US$16,570 a tonne from US$16,750.
Three-month nickel retreated to US$12,680 a tonne from US$12,935.
Three-month zinc edged higher to US$2,107.50 a tonne from US$2,081.50.
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