Strong fluctuation in commodity markets last week

Brent oil loses 4.2%, gold 0.6% and palladium 0.3%, while platinum gains 2.9%, copper 0.9% and silver 0.4%

The commodity market left behind a week of strong fluctuations fueled by a lack of direction.

Growing hopes that the US Federal Reserve has ended its cycle of rate hikes, ongoing concerns about global economic activity, production expectations, and weather-related factors were prominent factors in the commodity market last week.

As the Fed’s interest rate decision and Chairman Jerome Powell’s statements were in line with market expectations, risk appetite grew in the markets.

The Fed last week left its federal funds rate unchanged between the 5.25%-5.5% target range,as expected by the market.

A mixed course was seen in precious metals last week.

Gold and palladium dropped 0.6% and 0.3%, respectively, while silver and platinum increased 0.4% and 2.9%, respectively.

Brent oil declined 4.2% and natural gas prices traded on the New York Mercantile Exchange ended the week with a gain of 11.1%.

Last week, prices rose 0.9% in copper, 0.1% in lead, 1.5% in aluminum, 2.5% in zinc, while nickel fell 1.5%.

Source: aa

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