Commodity Roundup: Crude oil down 2%, gold subdued as dollar firms (Commodity:CL1:COM)

Gold prices (XAUUSD:CUR) fell on Tuesday as the US dollar held firm, with focus turning to jobs data, while oil extended its declines after hitting a four-month low, as investors continue to weigh OPEC+ production decision.

Bullion rose on Monday The data also showed that manufacturing activity in the United States slowed For the second straight month in May, while construction spending unexpectedly fell, raising speculation that the Fed has room to cut interest rates this year.

The next Fed meeting will be held from Tuesday to Wednesday next week, and updated economic forecasts and interest rates will be of interest to traders and investors.

Meanwhile, the European Central Bank is expected to cut interest rates by 25 basis points to 3.75% on Thursday, making it the first major central bank to cut interest rates this session.

Turning to the energy market, crude oil prices fell sharply after OPEC laid out plans to remove voluntary cuts earlier than expected, while European gas index futures rose amid fears that consumers will be forced to increase imports of liquefied natural gas at a time when… Competition in Asia. ANZ reported.

Crude oil prices (CL1:COM) fell. -2.12% to $72.65 per barrel by 6 a.m. EST, while Brent crude (CO1:COM) fell -1.95% to $76.83.

However, gas prices fell 3.5% from a six-month high to below 35 euros per megawatt hour on Tuesday. After GASCO reported a two-day repair schedule Due to a power outage at a Norwegian offshore platform, disrupting gas exports to the UK.

Elsewhere, the estimated value of open interest across global commodity markets fell -2% on the week to a three-week low of $1.45 trillion, as of May 31, driven by contract-based outflows across energy and precious metals markets, it said. JBM. .

Estimated open interest in base metals markets fell by $4.5 billion on a weekly basis to approximately $214 billion, while that in precious metals markets fell by -6% to approximately $186 billion, retreating from record levels.

Recent commodity price movements and a look at some ETFs