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Oil Prices Slip Amid Middle East Risks While Gold Steadies
M
Moneycontrol•16-10-2026, 07:55
Oil Prices Slip Amid Middle East Risks While Gold Steadies
- •Commodity markets traded mixed on October 16 with oil prices edging lower due to Middle East tensions and potential US actions regarding shadow tankers.
- •Brent crude futures dropped 0.39 percent to $105.51 a barrel while US West Texas Intermediate declined 0.55 percent to $97.43.
- •Gold prices stabilized near $4,155 an ounce following a strong surge in the previous session driven by a stock selloff and falling Treasury yields.
- •Silver fell 0.4 percent to $57.13 while platinum and palladium also recorded declines.
- •The US dollar consolidated against G10 peers as traders awaited crucial remarks from Federal Reserve officials regarding future interest rate hikes.
Key Questions Answered
Oil prices edged lower on October 16 as investors weighed Middle East tensions alongside potential US steps to ease restrictions on the world's shadow fleet of tankers.
Gold prices steadied near $4,155 an ounce on Friday after posting a 1.6% increase in the previous session, driven by a stock selloff that pushed investors into bonds and lowered Treasury yields.
The Dollar Spot Index was weighed down by falling Treasury yields, which caused the gauge to slide by 0.3% in the previous session for its biggest decline in over a month.
