Commodity Update: Brent Crude Climbs around $102/barrel, Gold Hitting Lowest In A Month | ET Now

*Brent crude futures climbed toward $102 per barrel, Extending gains from last week
Supply-side issues outweighed fears that aggressive central bank action against inflation would lead to a global economic slowdown. Saudi Arabia flagged possible OPEC+ production cuts

*Gold prices weakened past $1,730 an ounce, Hitting the lowest levels in a month,
US Federal Reserve Chair Jerome Powell delivered a stern commitment to combat inflation

*Dollar Hits 20-Year High on Powell Lift; Dollar index appreciated past 109

*Natural gas rose on higher European prices as concerns persisted around supply.
*Copper dropped after Fed Chairman Powell reassured markets that the Fed will keep interest rates at a restrictive territory.
*Zinc rose amid lingering supply concerns due to production disruptions in Europe and China.

*Indonesia to set palm oil price reference at $930.02/T for Sept 1-15 -
Indonesia will set its crude palm oil (CPO) reference price for Sept. 1-15 period at $930.02 per tonne, up from $900.52 per tonne for Aug. 16-31

#oilprice #goldprice #dollarvsindianrupee

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