Major Commodities on Global Market

Gold price has increased its highest level since November, as there is a growing worry about North Korea nuclear tests. According to Bloomberg survey, gold price is the most positive since December 2015. Mark O’Byrne, a director at broker GoldCore Ltd. In Dublin stated, “The animal spirits were asleep, but they are walking up again. We have all these latent threats that have been around for a while, Trump, European election, Brexit and they are all just becoming a little more acute.” Gold futures for June delivery grew 0.8% and settled at US$1,288.50 an ounce on the Comex in New York.

Brent oil rose a seventh day, as Saudi Arabia is likely to support prolonged OPEC output cuts. However, the final decision has not been made, yet and it would also depend on the position of other OPEC members and Russia. So far, the output cut has stabilized the price. John Kilduff, a partner at Again Capital LLC, New York based hedge fund, said, “It looks like the Saudis want to extend the cuts. It looks like they have had a modicum of success reducing global stockpiles and this is supporting prices.” Brent for June settlement rose 25 cents or 0.4% to settle at US$56.23 a barrel on the London-based ICE Futures Europe exchange on April 11, 2017. West Texas Intermediate for May delivery increased 32 cents or 0.6% and settled at US$53.40 a barrel on the New York Mercantile Exchange.