Demand For Safe-haven Assets Sends Gold Prices Rising, Saudi Arabia Indicates Plans To Increase Their Oil Output, Soybean Prices Are Volatile
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Summary:
- On Friday the price of gold neared its one month high.
- Crude oil prices have jumped up and down over the past week.
- Supply may increase to meet demand.
Gold prices rise again
On Friday the price of gold neared its one month high. The price of gold has been elevated by the weakness of the US Dollar, putting gold on track for its third weekly gain. The dollar weakened overnight in the wake of data that showed US payroll rose less than expected in May. Therefore, U.S Dollar backed gold became more attractive to overseas buyers. The current geopolitical tensions and the chances of the global economy falling into a recession also increased demand for the safe-haven asset.
XAUUSD Price Chart
WTI Crude Oil prices.
Crude oil prices have jumped up and down over the past week. The price has dropped slightly during trading on Friday in the wake of news that Saudi Arabia will increase its oil output. Saudi Arabia indicated to its allies in the West that it would increase its oil output to try to balance the fall the region is experiencing from its Russian oil embargo.
WTI Crude Oil Price Chart
Soybeans
The price of soybeans have been volatile over the past two days. Late April saw Soybean prices hit record high prices amidst supply and demand concerns. A top palm oil producer based in Indonesia indicated that it would reinstate a requirement to allocate a certain amount to the domestic market as it lifts the most recent export embargo. However supply may increase to meet demand, however it will be tight.
Soybeans Price Chart
Sources: finance.yahoo.com, fxmag.com, tradingeconomics.com
