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Gold prices ticked higher on Monday helped by the dollar’s (DXY) retreat, as investors braced for a data-heavy week that includes U.S. inflation figures, after latest round of data pointed to a resilient economy. Spot gold was up +0.38% at $1,925.06 per ounce by 07:52 am ET.
The August inflation numbers on Wednesday could determine the Fed’s near-term policy path, and signs of high price pressure could again fan fears of the Fed leaving interest rates higher for longer. Jerome Powell in his latest remarks have kept the door open for additional hikes, as other policymakers disagree on where rates could go from here.
“(Meanwhile) the jump in crude oil prices following Saudi Arabia’s decision to extend its unilateral production cut until year end has probably helped prevent an even deeper setback for gold as it not only raises inflation but also growth concerns,” Saxo Bank’s Ole Hansen said.
Gold is seen as a hedge against inflation and economic uncertainty, although a higher rate environment dents its appeal.
In the energy market, Brent crude oil (CO1:COM) eased, but traded above $90 a barrel, supported by voluntary production cuts to December, while natural gas futures shed more than 2%.
In base metals, copper prices traded higher, as investors watched for U.S. inflation figures and China’s latest economic data, even as concerns remained over the beleaguered property sector. Prices also got a boost from a weaker dollar and strong loan data from top consumer China.
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Energy
- WTI Crude Oil (CL1:COM) -0.53% to $87.04.
- Natural Gas (NG1:COM) -1.63% to $2.56.
Metals
Agriculture
- Corn (C_1:COM) +0.24% to $469.64.
- Wheat (W_1:COM) -0.50% to $592.79.
- Soybeans (S_1:COM) +0.22% to $1,353.00.
Commodity ETFs
Gold ETFs:
- SPDR Gold Shares ETF (NYSEARCA:GLD)
- VanEck Gold Miners ETF (NYSEARCA:GDX)
- VanEck Junior Gold Miners ETF (NYSEARCA:GDXJ)
- iShares Gold Trust ETF (NYSEARCA:IAU)
- Direxion Daily Gold Miners Index Bull 2X Shares ETF (NYSEARCA:NUGT)
- Sprott Physical Gold Trust (NYSEARCA:PHYS)
Other Metal ETFs:
- iShares Silver Trust ETF (NYSEARCA:SLV)
- Sprott Physical Silver Trust (NYSEARCA:PSLV)
- Global X Silver Miners ETF (NYSEARCA:SIL)
- U.S. Copper Index Fund, LP ETF (NYSEARCA:CPER)
- abrdn Physical Palladium Shares ETF (NYSEARCA:PALL)
Oil ETFs:
- U.S. Oil Fund, LP ETF (NYSEARCA:USO)
- Invesco DB Oil Fund ETF (NYSEARCA:DBO)
- U.S. 12 Month Oil Fund, LP ETF (NYSEARCA:USL)
- U.S. Brent Oil Fund, LP ETF (NYSEARCA:BNO)
- U.S. Natural Gas Fund, LP ETF (NYSEARCA:UNG)
- U.S. Gasoline Fund, LP ETF (NYSEARCA:UGA)
Agriculture ETFs:
- Invesco DB Agriculture Fund ETF (NYSEARCA:DBA)
- Teucrium Soybean ETF (NYSEARCA:SOYB)
- Teucrium Wheat ETF (NYSEARCA:WEAT)
- Teucrium Corn Fund ETF (NYSEARCA:CORN)
