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COMMODITY OVERVIEW GOLD/OIL

Alfred Gray
27. 4. 2023
1 min read

Thespot gold price was unchanged at USD 1 983.94 per ounce, while gold futures rose 0.2% to USD 1 993.95 per ounce. Both instruments lost more than 1% in the previous week.

Gold's two-week decline comes shortly after the yellow metal climbed to near-record highs, largely due to increased safe-haven demand as markets feared a possible banking crisis and recession this year.

Other precious metals were mixed on Monday, with platinum futures down 0.8% while silver futures rose 0.3%.

Among industrial metals, copper futures fell slightly, extending last week's steep losses as fears of a slowdown in industrial activity weighed on them. Copper futures fell 0.1% to USD 3.9888 per pound.

The price of Brent crude oil fell 75 cents, or 0.92%, to USD 80.91 per barrel, while US West Texas Intermediate crude was selling at USD 77.13 per barrel, down 74 cents, or 0.95%.

Both contracts fell more than 5% last week, their first weekly decline in five years, as implied U.S. gasoline demand fell from a year earlier, fueling recession fears in the world's biggest oil consumer.


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