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The latest commodities coverage from the TrustFinance editorial desk.
Gold prices are on track for a third straight weekly advance, holding above the key $4,500 level as U.S. Treasury bond buybacks suppress yields and a weaker dollar boosts investor appetite.
Oil prices retreated from recent highs but are on track for a second straight weekly increase, supported by escalating geopolitical tensions after the U.S. announced new, stricter sanctions against Iran.
Crude oil futures are set for another weekly rise, with Brent and WTI benchmarks hitting their highest levels since late July, as the ongoing war involving the U.S. and Iran constricts Middle East supply.
Benchmark European wheat prices rose to their highest level in nearly a month as escalating military actions in the Black Sea threaten grain exports, prompting traders to anticipate a shift in demand to Western Europe.
Truist has raised its rating on gold to Neutral from Less Attractive, citing a more favorable outlook driven by stabilizing real interest rates, a weaker U.S. dollar, and persistent central bank demand.
Oil producers in North Dakota are increasing drilling and completion activity in response to elevated crude prices, with the state's rig count jumping in August. State officials anticipate the trend will continue through the second half of the year.
U.S. Treasury Secretary Scott Bessent announced the impending rollout of historically severe sanctions against Iran, with details to be shared on Monday. The move, aimed at escalating economic pressure, comes amid rising oil prices and a direct U.S. call for China to cease its business with Tehran.
Chinese customs data shows a significant increase in July exports of yttrium, a rare earth critical to the U.S. aerospace sector, even as restrictions on shipments to other nations like Japan remain in place.
Top trade officials from the United States and Canada are holding a second day of talks in Washington, aiming to finalize a deal that would avert a new 50% U.S. tariff on $20 billion of Canadian goods.
