(XAUUSD) Gold Prices Rose For Second Consecutive Week, Concerns Around Crude Oil Supply Continues To Drive Price, Soybean Prices Rising
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Summary:
- The potential for a dovish Fed later on in the year leaves investors seeking safety in gold.
- The EU is still trying to reach an agreement for the banning of Russian Crude.
- Tight Soybean supplies.
Read next: Easing Concerns Around Supply Drives The Price Of Both Wheat And Platinum Down, RBOB Gasoline Continues To Rise
XAUUSD futures rise
Gold rose further on Friday as it hit its second consecutive weekly gain, the strength in Gold comes in the wake of a weakening US Dollar. The chances of the Federal Reserve Bank easing monetary policy later on in the year has left investors seeking gold as a hedge against future inflation, driving the price of gold up.
XAUUSD Jun ‘22 Futures Price Chart
Crude Oil prices continue to rise amidst supply concerns
The price of Crude Oil traded above $114 per barrel on Friday. The past week for Crude has seen prices consistently rising amidst concerns over global supply. On Wednesday the EIA released data indicating that the US Crude inventories were lower than expected due to rising exports. In addition the EU is trying to negotiate with Hungary on the implementation of an oil embargo on Russia, with EU Council Charles Michel remaining confident that an agreement can be reached by May 30th.
Crude Oil Jul ‘22 Futures Price Chart
Soybean Futures rising
Soybeans are facing a tight supply run at the moment, export demand is rising causing the price of soybeans to trade high. As the oil embargo in Indonesia is lited, a certain amount of soybean volume will be added to the domestic market.
Soybean Jul ‘22 Futures Price Chart
Read next: Potential Frost Causing Concerns Around Coffee Supplies, Crude Oil Demand Is Expected To Rise, Palladium Price Falls Amidst Easing Concerns Around Supply And Demand
Sources: tradingeconomics.com, finance.yahoo.com
