Spot gold (XAUUSD:CUR) steadied on Friday, snapping a nine-long session of losses as investors braced for the U.S. non farm payroll report that could influence the U.S. central bank’s next policy decision.
Prices were however still set for a second-straight week of losses as investors expect one more interest rate increase this year, with Cleveland Federal Reserve President Loretta Mester stating that she was open to raising interest rates again. The FOMC is scheduled to meet on Oct. 31-Nov. 1 and again on Dec. 12-13.
In the energy market, Brent crude prices headed for their worst week since March amid a stronger dollar, a day after data showing a spike in U.S. gasoline inventories sparked the biggest one-day selloff of this year.
“High prices killing demand also in focus as refinery margins for diesel and gasoline has slumped by more than one-quarter this week. In WTI, a long/short ratio above 15 has left the longs with a very narrow exit door through which they are now scrambling to squeeze through, thereby exacerbating the slump,” Saxo Bank’s head of commodity strategy Ole Hansen said.
“Gold and silver look oversold ahead of Friday’s US jobs report, with recession worries lifting 2024 rate cut expectations,” Hansen added.
U.S. natural gas futures (NG1:COM) advanced on Friday, after closing Thursday above $3/MMBtu for the first time since early March following a smaller than expected increase in domestic inventories and forecasts for colder temperatures in the Northeast and upper Midwest.
Copper prices meanwhile gained as investors digest recent set of mixed data, while rising inventories still keep a lid on prices.
In the agriculture market, cocoa and wheat futures edged down, while soybeans gained.
Recent Commodity Price Movements
Energy
WTI Crude Oil (CL1:COM) +0.01% to $82.32. Natural Gas (NG1:COM) +1.05% to $3.20.
Metals
Agriculture
Commodity ETFs
Gold ETFs:
SPDR Gold Shares ETF (GLD) VanEck Gold Miners ETF (GDX) VanEck Junior Gold Miners ETF (GDXJ) iShares Gold Trust ETF (IAU) Direxion Daily Gold Miners Index Bull 2X Shares ETF (NUGT) Sprott Physical Gold Trust (PHYS)
Other Metal ETFs:
iShares Silver Trust ETF (SLV) Sprott Physical Silver Trust (PSLV) Global X Silver Miners ETF (SIL) U.S. Copper Index Fund, LP ETF (CPER) abrdn Physical Palladium Shares ETF (PALL)
Oil ETFs:
U.S. Oil Fund, LP ETF (USO) Invesco DB Oil Fund ETF (DBO) U.S. 12 Month Oil Fund, LP ETF (USL) U.S. Brent Oil Fund, LP ETF (BNO) U.S. Natural Gas Fund, LP ETF (UNG) U.S. Gasoline Fund, LP ETF (UGA)
Agriculture ETFs:
Invesco DB Agriculture Fund ETF (DBA) Teucrium Soybean ETF (SOYB) Teucrium Wheat ETF (WEAT) Teucrium Corn Fund ETF (CORN)