Mixed trade seen in the commodity market during the last week. Bullion prices recovered from heavy loss on the last trading day of the week, still for the week prices closed in red. Comex spot gold settled lower by 1.64% while silver price declined by 0.49% in the previous week. In the energy space, crude oil prices posted a first weekly gain after four straight weeks of decline. A rally in crude oil prices on the back of optimism the US would resolve its debt-ceiling impasse triggered broad gains in financial markets, offsetting a bearish US oil inventory report.
While natural gas prices surged more than 14% last week as weekly storage data came lower than expected. Additionally, natural gas prices supported by supply concern due to lower exports from Canada, wildfires kept gas exports from Canada near a 25-month low.
