Oil prices fell on November 6, heading for their biggest weekly drop since April as investors watched Middle East war developments. Meanwhile, gold prices rose, eyeing their best week since August. A weaker dollar and lower US Treasury yields boosted demand for the metal, which traded around $4,090 an ounce.
Commodity markets traded mixed on November 6, with oil prices heading for their biggest weekly decline since April while gold was set for its biggest weekly gain since August as a weaker dollar and lower US Treasury yields boosted demand for the precious metal. Oil was on track for the biggest weekly loss since April after a volatile stretch of trading, as investors weighed prospects for an end to the months-long war in the Middle East. West Texas Intermediate rose to trade near $91 a barrel on Friday, extending a rebound from a sharp selloff following a Democratic sweep of the US midterm elections.
Still, prices are down more than 12% this week. Gold was on track for its biggest weekly gain since August after the US midterm elections sent the dollar and Treasury yields lower. Bullion traded around $4,090 an ounce, on track for a weekly advance of more than 5%. Among other precious metals, silver was 0.4% higher at $51.99. Platinum and palladium edged lower. The dollar held steady against major currencies on Friday, after a sharp selloff in US equities drove investors toward haven assets such as the yen and pushed Treasury yields lower ahead of a closely watched government payrolls report.