Gold and oil markets show volatility amid shifting economic indicators

Commodity markets are experiencing volatility, with gold prices fluctuating around the 4,100 to 4,200 US dollar per ounce range. UBS strategist Giovanni Staunovo suggests that while high US real yields and a strong dollar could temporarily push gold toward the 4,000 dollar support level, the bank maintains a medium-term price target of 5,400 dollars. This outlook is supported by structural demand, including central bank diversification and robust purchases from China and India.

In the energy sector, oil prices have seen upward movement, with Brent crude rising toward 110 dollars per barrel. This trend is driven largely by supply risks in the Middle East, specifically regarding Iranian activities in the Strait of Hormuz.

Other commodities show mixed results: silver and platinum have seen varying price movements, while coffee prices have experienced significant gains. Market participants are also closely monitoring upcoming Federal Reserve meetings and inflation data, which are expected to influence interest rate expectations and, consequently, the attractiveness of non-yielding assets like gold.