Commodity Capsule: Brent crude oil fell; gold set for weekly gain; copper extends rally
Commodity Capsule: Recent data showing higher-than-expected US consumer and producer prices has dashed hopes for an early interest rate cut from the Federal Reserve, keeping bullions gains in check.
Commodity Capsule: Gold set for weekly gain as weak dollar on Middle East woes.
Yellow metal on futures managed to edge higher after two consecutive declines.
The dollar is headed for its first weekly fall in nearly two months.
Gold set for first weekly gain in three, up 0.7 per cent so far.
Houthis claim responsibility for attack on UK-owned cargo ship.
Recent data showing higher-than-expected US consumer and producer prices has dashed hopes for an early interest rate cut from the Federal Reserve, keeping bullion's gains in check.
Oil prices fell on Friday after US Fed official said interest rate cuts should be delayed at least two more months.
Brent crude futures edged lower to $83.20 a barrel. US WTI crude futures slipped lower at $78.36.
Both crude oil benchmarks are headed for their first weekly decline in three weeks.
US central bank has held its policy rate steady in the 5.25 per cent-5.5 per cent range since last July, and minutes of its policy meeting last month showed most central bankers were worried about moving too quickly to ease policy.
Fed Governor Christopher Waller said U.S. Federal Reserve policymakers should delay interest rate cuts by at least another couple of months to see if a recent uptick in inflation signals stalling progress toward price stability.
Oil benchmarks pared some of their Thursday gains after Waller's comments.
Oil futures had settled higher on Thursday as hostilities continued in the Red Sea, with Houthis stepping up attacks near Yemen.
London copper extended its rally past $8600/tonne to a three-week high
Red Metal is headed for second straight weekly gains.
Shanghai, LME nickel extended its rally on Friday to hit a three-month high.
Nickel is buoyed by supply fears amid news of potential US sanctions on Russian metals. The weaker dollar lent support; Hovering under the 104 mark.
The dollar index is headed for a first weekly decline in two months.
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