Gold prices strengthened to $2,363 per Troy Ounce compared to the previous week due to the impact of rising expectations of interest rate cuts and rising geopolitical tensions.
Crude oil contracts traded on ICDX were observed to move steadily and tend to strengthen above the level of $81 per barrel during the closing week ending April 26. Several positive catalysts that support oil prices include escalating tensions in the Middle East, the proposed 14th sanctions package against Russia, and bullish comments from Yellen.
ICDX gold prices strengthened to $2,342.03 per Troy Ounce compared to the previous week as a series of hot US data dimmed the Federal Reserve's prospects for lowering interest rates.
ICDX tin rose by 0.99% compared to the previous week, supported by various factors such as the performance of the USD currency on the issue of the Fed's interest rate cut and also related to the weakening of tin stocks on the London Metal Exchange (LME) related to the turmoil of the Middle East conflict.
The price movement of crude oil contracts transacted on ICDX throughout the week ending March 29 experienced a bullish rally with the lowest price at $81.23 per barrel and the highest at $83.08 per barrel. Some of the main sentiments that became positive catalysts for oil prices this week included the Israel - Hamas conflict, Ukraine's attack on Russian energy facilities, and Novak's statement regarding Russia's focus in the second quarter of this year.
ICDX gold prices weakened to $2,157.86 per Troy Ounce compared to the previous week, influenced by a series of robust US economic indicators that tempered expectations of a Federal Reserve interest rate reduction.