Gold Soars to Two-Month High as Oil Prices Remain Steady
Commodity markets were mixed on August 11, with oil prices steady at over one-week highs. Oil futures remained unchanged as investors lost hope for a deal between the US and Iran to end their war and reopen the Strait of Hormuz. President Donald Trump demanded compensation for damage incurred by the US.
Brent crude futures held flat at $87.81 per barrel, while U.S. West Texas Intermediate crude futures were steady at $82.20 a barrel. The mixed oil market had little impact on gold prices, which continued their upward trend.
Gold rose for the third consecutive session to reach a more than two-month high. Spot gold was up 0.5% at $4,411.77 per ounce, its highest level since June 5. US gold futures also rose 1.2% to $4,472.10.
The steady US Dollar Index around 99.8 supported the increase in gold prices, as did a weaker yen and higher Treasury yields. Investors were awaiting US inflation data for cues on the Fed's interest-rate path.