Interesting Developments in the Market: Gold and Oil Prices Fluctuate - Sözcü Newspaper
4 Articles
4 Articles
In commodity markets, during the completed week, increasing expectations of possible "hawkish" steps by the US Federal Reserve (Fed) pressured precious metals, while expectations of the Strait of Hormuz being reopened dragged down oil prices. Risks related to shipping in the Black Sea and agricultural production also weighed on the markets.
While the Fed's hawkish messages weighed on precious metals, risks in the Black Sea sent wheat soaring; Brent oil fell while cocoa and wheat rose sharply.
In commodity markets, Federal Reserve Chairman Kevin Warsh's hawkish statements influenced the week's performance. Precious metals faced selling pressure, while the price of gold ended its three-week winning streak. Concerns about the Strait of Hormuz lowered Brent oil prices, while shipping risks in the Black Sea supported wheat prices.
While expectations of a hawkish Fed monetary policy weighed on precious metals, the possibility of the Strait of Hormuz opening pulled oil prices back. However, shipping risks and supply concerns in the Black Sea supported agricultural commodities, especially wheat.
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