Commodity Corner: Oil Slips Again While Gold Stays on the Back‑foot

On Thursday, commodity markets moved in opposite directions. Crude oil, which had already been wobbling, fell a bit more as Saudi Arabia announced extra cargoes heading through Oman, easing the tense backdrop of potential Middle‑East supply disruptions.

Brent futures lost $1.24, about 1.2%, settling around $104.59 a barrel. The U.S. benchmark, West Texas Intermediate, slipped $1.14 (roughly 1.1%) to $101.29. Both contracts had shed roughly $3 the day before, so today’s decline was more of a continuation than a surprise.

At the same time, the glittering world of precious metals didn’t get any relief. Gold kept its downward drift, trading near $4,270 an ounce – a level that reflects a 2% drop over the last three sessions. The movement mirrors traders’ attempts to price in the Federal Reserve’s much‑anticipated policy move.

Late Wednesday, the Federal Open Market Committee voted unanimously to raise the benchmark federal‑funds rate by a quarter‑percentage point, marking the first hike in three years. The committee also nudged its median outlook for year‑end rates to 4.1%, up from 3.8%, signaling that another increase could be on the table before 2026 ends.

That dovish‑ish stance on rates gave the U.S. dollar a modest lift. The dollar’s spot index stayed flat after a 0.5% gain the previous day, holding a one‑month high. Meanwhile, the 10‑year Treasury yield slipped 2 basis points to 4.99%.

Silver, however, managed a tiny rally, edging up 0.5% to $63.28 an ounce, while platinum and palladium each inched higher, offering a sliver of brightness for metal lovers.

Overall, the market narrative on Thursday was clear: more Saudi supply helped calm oil fears, but the Fed’s aggressive stance kept gold under the weather. Investors will be watching closely for any fresh data from the Middle East and any further signals from Washington that could sway the delicate balance between risk‑on and risk‑off assets.