Gold Down
The price of gold fell yesterday, as traders awaited Fed Chair Jerome Powell's testimony. Prices for gold fell nearly 6% last week after the Fed indicated that interest rates would almost certainly be raised in 2023 and that the Fed would begin slowing its bond-buying program.
The value of gold is declining as a result of rising inflationary pressures.
Oil Demand Rising
Despite the fact that WTI and Brent crude prices dipped yesterday as traders cashed in on the recent bullish market, the overall sentiment towards commodities remained positive.
Oil prices have risen over the last month because of increased optimism fueled by a quick economic recovery supported by declining COVID cases and in anticipation of a rise in demand because of more summer travel. Traders are monitoring the weekly US inventory data closely as stockpiles have been declining for the last four weeks in a row.
WTI crude futures dropped 0.8% to settle at $73.06 per barrel in July, while Brent crude fell 0.12% to settle at $74.81 per barrel in August.
Asian Stock Markets Rally
Following the rally in US stock markets, Asian stock markets have been mixed today. NASDAQ's outperformance in yesterday's session, had investors keeping a close eye on technology stocks.
In addition, according to the Bank of Japan's most recent monetary policy meeting, officials believe that the recovery in Japan and other countries will be faster than expected due to the stimulus measures put in place.
In Japan, the Nikkei 225 index surged 0.08% in morning trade and China's Shanghai Composite Index rose by nearly 0.46%. Hong Kong's Hang Seng index increased by 1.49%, while the Seoul's KOSPI rose by 0.42% as of 12.10 AM EST.