Commodity markets traded mixed on November 13 as oil prices held gains while gold hovered near a one-year low. Oil prices rose after President Donald Trump said the US could forgo a deal with Iran. Meanwhile, investors ramped up bets on Federal Reserve rate hikes, which weighed on gold prices.
Commodity markets traded mixed on November 13, with oil prices holding gains amid fading hopes of a US-Iran deal, while gold hovered near a one-year low as rising expectations of Federal Reserve rate hikes weighed on sentiment. Oil held gains after President Donald Trump said the US could forgo a deal with Iran, dimming prospects for a breakthrough to end the war that has roiled Middle East supplies. Brent traded below $96 a barrel after adding 3.3% on Thursday, while West Texas Intermediate was near $89. Gold traded near a one-year low as investors ramped up bets on the Federal Reserve hiking rates to combat persistent inflation. Bullion was near $3,880 an ounce, after falling nearly 3% and briefly hitting a 13-month low in the previous session. Among other precious metals, silver rose 0.2% to $50.11. Platinum and palladium ticked higher. The dollar gained versus all Group-of-10 peers, sending a gauge of the currency's strength up for a third day.