Platinum, gold gain 0.9%, 0.3% respectively last week, ending their 3-week downward trend
Despite the negative course of global markets due to concerns over persistent inflation and recession, commodities followed a positive trend last week.
Analysts said that after the US non-farm payrolls failed to meet expectations, the demand for the dollar weakened as the recession concerns gained ground. Whereas the demand for commodities grew and supply concerns triggered the rise in commodity prices.
The minutes released last week from the US Federal Reserve’s two-day meeting on June 13-14 have made pricing difficult. The minutes revealed that “some participants” favored another 25 basis point hike at the meeting.
Platinum and gold gained 0.9% and 0.3%,respectively last week, ending their 3-week downward trend.
Last week, the prices of silver and palladium both hiked 1.4%.
Aluminum closed the week with a 0.5% decline, zinc by 0.6% and lead by 3.6%, while copper rose 0.3% and nickel by 2.5%.
Brent oil surged 4% to hit a 1-month high, while natural gas traded on the New York Mercantile Exchange plunged by 8.4%.