Commodity markets traded mixed on April 17, with crude oil, base metals, and precious metals reacting to global macro cues, currency movements, and demand signals from key economies. Crude oil prices eased after the previous session’s rally. Brent crude slipped toward $98 per barrel after rising 4.7 percent on Thursday, while West Texas Intermediate traded near $94 per barrel.
Oil prices declined after US President Donald Trump struck an optimistic tone on the prospects of a permanent ceasefire between the US and Iran. Trump said Tehran had agreed to terms it had long resisted, including opening the Strait of Hormuz, although Iran has not publicly confirmed these claims. Some Gulf Arab and European leaders said a US-Iran peace deal could take about six months to finalize and suggested extending the current ceasefire over that period.
Gold, meanwhile, headed for a fourth straight weekly gain. Spot gold edged up 0.1 percent to $4,793.75 an ounce. Silver rose 0.4 percent to $78.75 an ounce, while platinum and palladium also saw marginal gains. The Bloomberg Dollar Spot Index was little changed after rising 0.1 percent in the previous session.
The recent retreat in energy prices has eased some inflation concerns that had supported bullion earlier during the conflict. However, expectations that central banks may keep interest rates higher for longer continue to act as a headwind for non-yielding assets like gold.
