Venezuela's government and opposition are reportedly close to an agreement to transfer approximately $4 billion in gold reserves from the Bank of England to the Federal Reserve Bank of New York, according to the Financial Times.
Commodity traders are closely watching an upcoming summit between U.S. and Chinese leaders, with potential agreements on agricultural purchases, energy tariffs, and rare earth exports hanging in the balance.
Gold recovered from losses earlier in the week as a drop in U.S. Treasury yields and oil prices eased inflation pressures, though the Federal Reserve's hawkish policy outlook remains a headwind for the metal.
Crude oil benchmarks fell about 1% for a third consecutive session, with prices staying above $100 a barrel as investors weighed efforts to mitigate a key Saudi pipeline outage against ongoing Middle East tensions.
Crude oil benchmarks declined for a third straight session as signs of potential supply restoration from Saudi Arabia and a focus on diplomatic efforts outweighed immediate geopolitical risks in the Middle East.
Chicago wheat futures fell on Tuesday, pressured by a strengthening U.S. dollar and reports of a potential agreement between Russia and Ukraine to halt attacks on energy infrastructure, which could ease Black Sea supply disruptions.
Wholesale natural gas prices in Europe declined for a third straight day after a 24-hour labor strike in France concluded, restoring operations at a key liquefied natural gas (LNG) import terminal and easing immediate supply concerns.
Goldman Sachs analysts report that a significant rise in production and freight costs has established a new support level for iron ore prices at $90-95 per tonne, with over 200 million tonnes of supply becoming unprofitable below this range.
The main sea freight index for dry bulk commodities rose on Thursday, as an increase in rates for larger Capesize vessels offset a decline in the Panamax segment.
