Gold prices are headed for a weekly decline as a stronger U.S. dollar and expectations of further Federal Reserve interest rate hikes increase the opportunity cost of holding the non-yielding precious metal.
Gold prices are on track for a weekly decline of more than 2% as elevated energy costs and rising U.S. Treasury yields fuel speculation that the Federal Reserve will need to pursue further interest rate hikes to curb inflation.
Crude oil prices fell in early trading as signs of a potential U.S.-Iran de-escalation overshadowed recent attacks on Saudi Arabian oil infrastructure. Both Brent and WTI contracts saw modest declines after a volatile week that saw prices hit a one-week high.
Crude oil benchmarks fell from recent highs after reports emerged of a potential U.S.-Iran deal to reopen the key shipping lane, though ongoing missile attacks in the Middle East limited losses.
Soybean prices edged lower as a high-profile U.S.-China summit yielded no new trade announcements, while weekly export sales data fell short of expectations. December soymeal futures, however, rallied to a new contract high.
European natural gas futures recovered from a sharp sell-off on Tuesday as traders tempered expectations for a swift diplomatic breakthrough between the U.S. and Iran. The move follows Monday's steep decline, which was driven by optimism over potential talks at the United Nations.
Moscow is in discussions with Ankara over a new proposal for a secure grain shipping lane, Kremlin spokesman Dmitry Peskov confirmed, as Russia also seeks alternative export routes amid heightened regional tensions.
Bank of America has increased its price forecast for Brent crude in the second half of 2026 to $95 per barrel, up from $83, citing severe supply disruptions from ongoing geopolitical conflicts, particularly Iran's blockade of the Strait of Hormuz.
Wheat futures fell in pre-market trading, driven by profit-taking as traders assessed geopolitical developments in the Black Sea and harvest progress in Ukraine.
