Commodity roundup: Gold 5-month high; Oil slips diplomatic moves Gaza

With a surge seen in the price of the US dollar (DXY) and Treasury yields (IEF), gold prices retreated on Monday from their five-month high set during the previous session. On Friday, gold prices reached their highest level of ~$1,982 since mid-May and had increased more than 8% over the past two weeks as investors chose the security of bullion. Spot gold was down 0.16% to $1,978.22 an ounce by 6 a.m. ET Monday.

This week, investors await US GDP and inflation data that could impact the outlook for monetary policy. Markets anticipate that the central bank will maintain rates at its policy meeting on October 30 and 31.

In the energy market, Brent crude (CO1:COM) was trading 0.78% lower at $92.10 a barrel after two weeks of gains as Israel held off on its ground invasion of Gaza amid diplomatic efforts to secure the release of more hostages.

Natural gas had posted two straight weeks of losses, dropping more than 10% to below $3.0/MMBtu, the lowest in over two weeks, pressured by record output, mild weather, and data showing a bigger-than-expected storage build last week. Norway’s natural gas output fell in September to its lowest level since 1999, lagging forecasts, while crude oil also fell behind expectations, the Norwegian Petroleum Directorate said on Monday.

In industrial metals, the price of copper slipped further by 0.44% after seeing three weeks of losses despite better than expected economic numbers from China. Iron ore futures stay flat after posting two weeks of decline.

Elsewhere in the agrimarket, wheat and soybeans traded lower, while cocoa and corn futures ticked higher.