Commodity markets traded mixed on October 30 as oil prices rose on concerns over possible US military strikes against Iran. Meanwhile, gold steadied near $4,000 an ounce. The metal remained on track for a second consecutive monthly decline as inflation concerns and expectations of a US rate hike grew before year-end.
Commodity markets traded mixed on October 30, with oil prices rising on concerns over a possible resumption of US military strikes against Iran, while, gold steadied near $4,000 an ounce but remained on track for a second consecutive monthly decline amid inflation concerns and expectations of a possible US rate hike before year-end.
Oil rose on signs the US may resume military strikes against Iran, risking fresh turbulence in the region that may hurt energy flows.
Brent advanced above $115 a barrel after swinging more than $3 in the previous session, while West Texas Intermediate was near $103..
Gold steadied near $4,000 an ounce, and was on track for a second monthly loss, as energy-led inflation raised the prospects for a US rate increase before year-end.
Bullion was little changed after shedding 1.1% in the previous session.
The Federal Reserve left the door open for an interest-rate hike before the end of the year to rein in stubborn inflation, and data released Thursday showed a 0.5% rise in the US personal consumption expenditures price index last month. That’s the most since March.
Silver slid 0.4% to $51.94 an ounce, and is down about 14% so far this month. Platinum and palladium also edged lower.