Next a wave of conflicting economic data that left investors uncertain over slowdown fears, gold prices saw selling during the following week.
By Tapan Patel
The majority of the commodities in the non-agro group saw selling last week, resulting in lower commodity prices on the market. A stronger dollar and a hawkish FED, which reduced demand for safe havens, led to a decrease in gold prices. Prices for crude oil declined due to lower demand and hope for an Iran nuclear deal. On worries about Chinese demand and a lack of encouraging data despite tight supplies, base metals traded negatively.
The majority of the non-agro commodities were sold last week, which led to decreased market commodity prices. Gold prices fell as a result of a stronger currency and a hawkish FED, which decreased investor demand for haven assets. Due to decreased demand and the possibility of an Iran nuclear agreement, crude oil prices fell. Base metals experienced poor trading due to concerns about Chinese demand and a lack of promising data amid tight supplies.