Mixed Commodity Markets as Investors Weigh Rate Hike Expectations

Commodity markets traded mixed on August 17, as investors weighed softer economic data against renewed inflation concerns. Crude oil prices remained steady after last week's gains, while gold held its ground as demand for non-yielding assets increased.

The Brent crude futures price was unchanged at $88.55 a barrel, with US West Texas Intermediate (WTI) crude futures slipping 14 cents to $82.26 a barrel. Oil prices were supported by concerns over potential supply disruptions in the Strait of Hormuz, where prospects for a lasting US-Iran peace deal appear increasingly remote.

Gold prices remained steady around $4,370 an ounce, after gaining nearly 1% last week. Weaker US economic data, including declines in consumer sentiment and retail sales, eased expectations of an imminent rate hike, supporting demand for gold.