Commodity Roundup: Gold steady after Powell remarks, natgas up 4% (Commodity:XAUUSD:CUR)
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Commodity Roundup: Gold steady after Powell remarks, natgas up 4% (Commodity:XAUUSD:CUR)

Jul 21, 2023


Gold prices held steady on Monday as investors sought direction from a slew of U.S. economic data this week, including July's inflation figures, after Federal Reserve Chair Jerome Powell said the central bank would "proceed carefully" on further tightening, while hinting that interest rates will stay high for awhile.

However, the U.S. dollar index (DXY) drifted lower, making the yellow-metal less expensive for overseas buyers. Higher rates tend to dent the appeal of non-yielding bullion which pays no interest.

Gold (XAUUSD:CUR) +0.02% to $1,914.85 by 12:17 GMT.

Copper prices meanwhile held steady, with support from China's move to stabilize its currency and its property sector, with Beijing's announcement of measures over the weekend to boost investor confidence also seen lifting sentiment. Iron ore future gained more than 1%.

ANZ Research in a note said, China’s PMI will dictate sentiment in commodities, and any sign of further weakness is likely to drive industrial metals lower. "(Powell's) speech will be soon forgotten, and it’s all going to depend on how the data evolve."

Among agricultural commodities, soybeans, corn, and cocoa futures traded higher, while wheat futures dipped. The U.S. Department of Agriculture will publish the weekly crop report on Monday, and updates on wheat, corn, and soybeans will be of keen interest amid extremely hot weather in the U.S. Midwest and Delta.

Elsewhere, oil prices ticked lower, while natural gas rose over 4%, after ending the previous week in red.




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