Commodity prices slide, except for crude oil; gold, silver decline amidst weak sentiment
Most commodities’ price extended losses except crude oil. Gold price posted its third consecutive weekly decline and for the week price closed lower by 1.59% while silver price tumbled more than 2.30% as rallied in US dollar and weak sentiment from base metals. Crude oil price settled in green amid mixed signals from OPEC and its alliance regarding production cut in the upcoming meeting. While natural gas prices plunged nearly 10% last week as expectation of weak demand outlook for next two weeks. Base metals prices extended southward direction and copper and zinc prices hit fresh swing low in the last week as improved supply and tepid demand from top metal consumer China.
Gold has come under pressure last week after Fed officials advocated more action to curb inflation, diminishing expectations the central bank’s tightening campaign has ended. Traders have raised their bets on another hike by June, which would hurt non-yielding metals.
