Commodity Blog

Gold and silver rallied today as the cautious monetary policy statement from the Federal Reserve made analysts speculate that chances for additional interest rate hike in March dropped. It looks like the Fed has chosen a wait-and-see approach. This looks reasonable because not much time has passed since US policy makers hiked rates in December for the first time in nearly a decade, therefore it is too early to say for certain what impact the move has had. April contract for delivery of gold advanced 0.87 percent to $1,126 per troy ounce as of 00:02 GMT on COMEX today. March silver rose 0.35 percent to $14.51 per ounce.

It seems that the bearish US supply report had its impact on crude oil after all as futures for West Texas Intermediate crude halted yesterday’s rally today. Prices declined even after Russia signaled about possibility of an agreement with the Organization of Petroleum Exporting Countries about reducing oversupply on the market. Futures for delivery of WTI crude oil in March slid 0.31 percent to $32.2 per barrel in NYMEX today. Brent grade of crude maintained its gains as of now, trading 4.09 percent higher at $33.1 on ICE.

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