Crude Oil Prices Ease Amid Stable Gold and Ongoing Dollar Fluctuations

Commodity Markets Trade Mixed Amid Global Macro Cues and Demand Signals

Commodity markets experienced a mixed trading session on April 17, as crude oil, base metals, and precious metals responded to various global macro cues, currency movements, and demand signals from key economies.

Crude Oil Prices Ease After Previous Session's Rally Crude oil prices declined after the previous session's rally, with Brent crude slipping toward $98 per barrel. This represents a decrease from the 4.7 percent rise seen on Thursday. Meanwhile, West Texas Intermediate traded near $94 per barrel. The recent decline in oil prices comes after US President Donald Trump expressed optimism about a permanent ceasefire between the US and Iran. Trump claimed that Tehran had agreed to terms it had long resisted, including opening the Strait of Hormuz, although Iran has not publicly confirmed these claims.

Some Gulf Arab and European leaders suggested that a US-Iran peace deal could take about six months to finalize and recommended extending the current ceasefire over that period.

Read also: Gold and Silver Prices Decline Amid Strengthening Dollar and Inflation Concerns

Precious Metals Remain Steady Amid Geopolitical Optimism Gold continued its upward trend, heading for a fourth straight weekly gain. The bullion remained steady in early trade, supported by optimism around a potential ceasefire that could ease geopolitical risks and inflation concerns. Spot gold edged up 0.1 percent to $4,793.75 an ounce, while silver rose 0.4 percent to $78.75 an ounce. Other precious metals, including platinum and palladium, also saw marginal gains.

The recent retreat in energy prices has eased some inflation concerns that had supported bullion earlier during the conflict. However, expectations that central banks may keep interest rates higher for longer continue to act as a headwind for non-yielding assets like gold.

Central Bank Outlook Remains Uncertain Federal Reserve Chairman John Williams stated that high uncertainty should prevent policymakers from providing strong guidance on the future path of interest rates. Although his outlook still includes rate cuts over the longer term, this uncertainty may continue to impact the market's perception of gold and other non-yielding assets.

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