Commodity roundup: Gold and silver in green, while oil reverses gains

Natural gas price moved 1.32% lower on Tuesday, close to $2.49/MMBtu, reversing gains from last week. This is the second straight session of price fall after touching $2.6/MMBtu, marking a more than 4% weekly gain after six consecutive weeks of decline.

Government data showed US utilities pulled 87 bcf of natural gas from storage last week, slightly more than market expectations of an 80 bcf decrease.

After recording its biggest weekly rise in more than two months, Brent oil futures up 0.24% at $79.26 per barrel, but trade activity is anticipated to be low due to ongoing holidays in various markets. In addition, utilities are expected to draw less gas from storage than normal until the end of December due to expectations of warmer weather and less heating demand starting next week.

In the precious metals market, gold prices climbed to $2062.67, continuing their weekly gains with a sixth straight session in green territory. The metal benefited from a declining US dollar (DXY) and lower bond yields, as well as from softening US inflation, which increased predictions that the Federal Reserve will begin reducing interest rates next year. Additionally, last week’s figures indicated weaker-than-expected US economic growth in the third quarter and a slight increase in unemployment benefit claims in the latest period.

Among other precious metals, silver backed gold and added gains, trading at $24.29, while platinum and palladium lost 0.34% and 1.5%, respectively, on Tuesday.

Copper also maintained gains, up 0.16%. The price rose past $3.9 in December, a four-month high, amid persistent supply concerns and a weaker dollar. The metal shows a monthly gain of 3.82%.

Among base metals, iron ore has added a monthly gain of 4.06%.

Elsewhere, wheat, soyabeans, and cocoa were all green.