Commodity Blog

Gold demonstrated muted reaction to the release of minutes of the latest Federal Reserve policy meeting. The Fed signaled that a December interest rate lift-off is very probable, yet the precious metal did not move far after that. Other metals, though, demonstrated losses (and in case of copper substantial ones). December contract for gold rose a little by 0.07 percent to $1,069.4 per troy ounce as of 21:38 GMT on COMEX today. Silver edged lower by 0.32 percent to $14.13 per ounce. March copper tumbled 1.43 percent to $2.074 per pound.

West Texas Intermediate crude oil was little changed while Brent crude rallied strongly after the report from the Energy Information Administration showed that US inventories barely grew last week while analysts had expected a substantial increase. Stockpiles were up by just 0.3 million barrels while the median forecast promised growth by 2 million. Yet it is important to remember that the reserves remain at the record level. December contract for WTI crude ticked up 0.07 percent to $40.7 per barrel on NYMEX today. At the same time, January futures for Brent grade of oil climbed 1.47 percent to $44.21 per barrel on ICE.

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