Commodity markets saw declines on October 29, driven by shifting sentiment in key sectors. Oil prices dropped as traders reacted to new diplomatic efforts aimed at preventing a resumption of US military strikes on Iran. Brent crude fell toward $114 a barrel, while West Texas Intermediate hovered near $102 a barrel, both retreating after gains in the prior session.
Gold prices also slipped following the Federal Reserve's decision to maintain interest rates unchanged. The central bank provided little insight into its future policy moves, leaving traders uncertain about the possibility of a rate hike before the end of the year. This lack of clarity weighed on the precious metal's appeal as a hedge against inflation.