(MENAFN) Speculation that the US Federal Reserve may raise interest rates more gradually, along with falling demand for the dollar, made the previous week a “week of rally” for the commodity markets .
The surge in the commodity markets continued despite the persistence of the dangers linked to the Chinese real estate crisis. Over the previous week, gold rose 2.2%, silver 9.5%, palladium 4.2% and platinum 2.6%.
Analysts said Fed Chairman Jerome Powell’s dovish statement for upcoming meetings boosted demand for gold after the key rate was raised by the expected 75 basis points.
Over the past week, a rise has dominated the price of metals, and lead has risen 1.2%, nickel 2%, zinc 9.4% and copper 5.9%.
Last week, the price of Brent rose by 4% due to growing supply problems in international markets.
The Nord Stream gas pipeline’s Siemens turbine engine has been shut down for technical reasons, according to an announcement last week by Russia’s largest energy company, Gazprom, and less natural gas will be transported through the line.
Legal disclaimer: MENAFN provides the information “as is” without warranty of any kind. We assume no responsibility for the accuracy, content, images, videos, licensing, completeness, legality, or reliability of any information in this article. If you have any complaints or copyright issues related to this article, please contact the provider above.