Commodity Roundup: Gold, copper poised for weekly gain (Commodity:XAUUSD:CUR)
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Commodity Roundup: Gold, copper poised for weekly gain (Commodity:XAUUSD:CUR)

Aug 02, 2023

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Gold prices edged up on Friday, on track for a weekly gain, ahead of Federal Reserve Chair Jerome Powell's remarks at the Jackson Hole Symposium. Recent set of mixed economic data from the U.S. have clouded the interest rate outlook, with Thursday's initial jobless claims data pointing to a tight labour market. Spot gold advanced +0.13% to $1,919.90 an ounce by 1218 GMT

Silver and platinum, too headed for a weekly rise, while palladium was on course for a weekly decline. Copper prices inched higher, and was on track for a second consecutive weekly gain on signs of improving demand in the coming months and China's move to support its currency, which also lifted most base metal prices this week.

Elsewhere, crude oil prices rose over 1%, extending gains to a second-session in a row, while natural gas futures dipped. Among agricultural commodities, soybeans, cocoa and wheat futures also inched higher, while corn extended losses to a second trading session.

US natural gas inventory net change of +18 bcf for week ended August 18 - EIA

European natural gas futures fell sharply Thursday after Woodside Energy reached a tentative agreement with unions at Australia's largest liquefied natural gas project, potentially averting a disruption to global LNG supplies that had spooked markets.




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