Commodity Roundup: Gold back above $2,600, ING sees oil market surplus through 2025

seekingalpha11-19 19:00

adventtr Gold prices rose above $2,600 on Tuesday, bolstered by a softer U.S. dollar (DXY) and renewed safe-haven bets amid escalating tensions in the Russia-Ukraine war, while oil prices fell after ...

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Spot gold (XAUUSD:CUR) was up +0.87% to $2,635.15 an ounce by 6 am ET.  Further supporting bullion, central bank speakers also alleviated concerns of a halt to monetary easing, with Federal Reserve Bank of Chicago President Austan Goolsbee stating that as long as inflation continues to fall, rates would be a lot lower over 12–18 months.  Rate cuts weaken the dollar and lower bond yields, making gold more attractive.  Traders currently see a 58.9% chance of a 25-basis-point cut in December, compared to 41.1% odds of holding the rates steady. Among base metals, copper prices (HG1:COM) fell amid continued uncertainty over the outlook of the global economy \"and the spectre of another global trade war are keeping bullish sentiment contained,\" ANZ Research said in a statement.  ETFs: (NYSEARCA:GLD), (GDX), (GDXJ), (IAU), (NUGT), (PHYS), (GLDM), (AAAU), (SGOL), (RING), (BAR), (OUNZ), (SLV), (PSLV), (SIVR), (SIL), (SILJ) \"China’s move to overhaul its export rebate regime is roiling the base metals sector. Aluminium gave back some of last week’s gains, as traders digest the move by Beijing to cancel a tax rebate on aluminium products. China’s exports make up 7% of the global trade in aluminium,\" the brokerage added.  In the energy markets, meanwhile, oil prices fell as Equinor (EQNR) resumed partial production from the oilfield, Western Europe's largest, following a power outage. An outage at the North Sea field helped prices to climb by over 3% on Monday. In addition, geopolitical risks between Russia/Ukraine have increased after the U.S. said it would allow Ukraine to carry out long-range missile strikes on Russia, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist said. \"Despite the strength in the flat price yesterday, the prompt WTI time spread flipped into contango, which points towards a market that looks better supplied. Globally, our balance shows that the market will be in surplus through 2025,\" they added. 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":"0","news_tag":"","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/2484948004"}