Oil Gains on Supply Concerns While Dollar Pressures Precious Metals

Crude oil moved most on Thursday, September 24, leading the benchmark board as supply tensions escalated. During the session, oil prices rose about 2% as diplomatic negotiations between the United States and Iran showed little progress and potential export limits raised supply concerns.

Precious metals moved lower during the same session. On Thursday, September 24, gold fell to a one-week low as higher energy costs and climbing Treasury yields reinforced expectations that central banks will keep interest rates elevated. Silver experienced steeper pressure as rising yields and a firmer dollar weighed on precious metals.

Precious metals extended those declines in round-the-clock trading after the official close. As of 10:30 am New York, trading showed silver -3.7% and gold -1.3%.

The euro weakened against the dollar, while several emerging-market currencies weakened against the dollar as higher energy prices and climbing borrowing costs weighed on risk appetite.

In digital assets, trading showed Bitcoin 0.0% and Ethereum +0.3%, holding steady while traditional markets reacted to energy and currency developments.

Scheduled economic reports next on the calendar include the job openings survey on September 29, followed by the third estimate of second-quarter gross domestic product on September 30 and the September employment report on October 2. Major central bank policy decisions follow later in the autumn, with the Federal Reserve scheduled to meet on October 27 and 28, the European Central Bank on October 28 and 29, and the Bank of England on November 5. Additional scheduled releases include the consumer price index on October 14 and the producer price index on October 15.