Commodity Roundup: UBS remains bullish on gold, oil prices extend gains

seekingalpha11-01

adventtr Gold prices resumed their upward move on Friday after a pullback in the previous session, set for a fourth-straight week of gains, while oil prices faced a weekly drop despite rising on ...

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Gold (XAUUSD:CUR) posted another record high of $2,790/oz on October 30, bringing the year-to-date performance to 35%. Analysts expect the safe-haven metal to push even higher amid uncertainties around the U.S. presidential election, geopolitical uncertainties, and a way to diversify against the U.S. dollar (DXY). UBS, which has been bullish since Q4 '23, and continues to recommend gold as a hedge, recommending an allocation of around 5% within a balanced USD portfolio, has a target of $2,900/oz by end-3Q25. A Trump win could push gold more quickly toward our target, while a Harris win could see it drop back to $2,600-$2,700/oz, UBS analysts said in a note dated October 31. Gold demand in reached a record high in Q3, underpinned by ongoing central bank buying and a surge in investor interest, particularly from US-based ETFs. Spot gold (XAUUSD:CUR) was up +0.15% to $2,750.89 an ounce by 6 am ET, set for a 0.2% weekly rise.  UBS said on Thursday copper prices on the London Metal Exchange (LME) are forecast to average $10,500 and $11,000 per metric ton in 2025 and 2026 on the back of tighter supplies. The investment bank sees a deficit of more than 200,000 tons in 2025, as demand grows for the metal key to energy transition. ETFs: (COPX), (CPER), (OTC:JJCTF), (SLV), (PSLV), (SIVR), (SIL), (SILJ), (NYSEARCA:GLD), (GDX), (GDXJ), (IAU), (NUGT), (PHYS), (GLDM), (AAAU), (SGOL), (BAR), (OUNZ) Oil prices, meanwhile, were on track for a fourth-consecutive session of gain, even as they faced a more than 1% weekly fall, pressured by the biggest one-day percentage drop since July 2022. Israeli intelligence believes Iran is preparing to carry out its attack using a large number of drones and ballistic missiles through pro-Iran militias in Iraq. Such an attack would raise the possibility of a strong response from Israel that could include Iranian oil infrastructure. Crude oil jumped (CL1:COM) jumped +2.85% to $71.24/bbl, Brent crude (CO1:COM) dropped +2.65% to $74.74. Front-month Nymex natural gas (NG1:COM) for December delivery advanced +0.35% to $2.72/MMBtu, set for a second-straight weekly gain. ETFs: (NYSEARCA:USO), (BNO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (USOI), (UNG), (BOIL), (KOLD), (UNL), (FCG)","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"Economic Data","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2480800104"}