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Gold and silver prices ticked lower on Wednesday, with bullion slipping below the $1,900 an ounce mark, as markets await more economic data and views from Federal Reserve officials on the interest rate path. Spot gold was trading -0.31% lower at $1,894.68 an ounce by 06:06 am ET.
In the physical gold market meanwhile, total gold imports into top consumer China via Hong Kong rose 49.6% in August to 45.237 tons. Investors also kept a close on the impending U.S. government shutdown.
Elsewhere, oil prices rose, with Brent gaining more than 1%, as expectations of tight supplies countered growth fears from rising interest rates globally.
The American Petroleum Institute showed a draw of 1.59M barrels of oil in U.S. commercial stockpiles for the week ending September 22, while gasoline inventories showed a draw of 70K barrels for the week. The Energy Information Administration will release its weekly U.S. petroleum supply report Wednesday morning.
Gasoil cracks have continued to come under pressure this week despite the Russian export ban on diesel and gasoline. The November ICE gasoil crack is holding just above $30/bbl, ING reported.
UBS analysts expect oil demand to continue increasing over the coming years, but at a slower pace than before. “Emerging Asia and the petrochemical sector should remain the demand drivers,” according to UBS.
In the agricultural market, soybeans and wheat rose, while cocoa fell.
Recent Commodity Price Movements
Energy
- WTI Crude Oil (CL1:COM) +1.06% to $91.35.
- Natural Gas (NG1:COM) +2.17% to $2.91.
Metals
Agriculture
- Corn (C_1:COM) +0.54% to $482.34.
- Wheat (W_1:COM) +0.12% to $589.69.
- Soybeans (S_1:COM) +0.50% to $1,309.25.
Commodity ETFs
Gold ETFs:
- SPDR Gold Shares ETF (GLD)
- VanEck Gold Miners ETF (GDX)
- VanEck Junior Gold Miners ETF (GDXJ)
- iShares Gold Trust ETF (IAU)
- Direxion Daily Gold Miners Index Bull 2X Shares ETF (NUGT)
- Sprott Physical Gold Trust (PHYS)
Other Metal ETFs:
- iShares Silver Trust ETF (SLV)
- Sprott Physical Silver Trust (PSLV)
- Global X Silver Miners ETF (SIL)
- U.S. Copper Index Fund, LP ETF (CPER)
- abrdn Physical Palladium Shares ETF (PALL)
Oil ETFs:
- U.S. Oil Fund, LP ETF (USO)
- Invesco DB Oil Fund ETF (DBO)
- U.S. 12 Month Oil Fund, LP ETF (USL)
- U.S. Brent Oil Fund, LP ETF (BNO)
- U.S. Natural Gas Fund, LP ETF (UNG)
- U.S. Gasoline Fund, LP ETF (UGA)
Agriculture ETFs:
- Invesco DB Agriculture Fund ETF (DBA)
- Teucrium Soybean ETF (SOYB)
- Teucrium Wheat ETF (WEAT)
- Teucrium Corn Fund ETF (CORN)
