Commodities
Gold Plummets as US Dollar Strengthens; Copper Surges Amid Supply Worries
Market fluctuations have been observed in various commodities as of Tuesday. Gold prices saw a decline due to the strengthening US dollar and investors' focus on the Federal Reserve's rate outlook following last week's hike.
The price of Brent crude fell below $100 a barrel, extending losses for a fifth consecutive session, with reports suggesting that Iran could reopen the Strait of Hormuz if the US lifts its blockade of Iranian ports.
Copper futures, however, showed gains, climbing above $6.70 per pound for the sixth day in a row, driven by supply concerns after Sprott Asset Management warned about potential global mined output shrinkage this year for the first time since 2017.