Oil, gold, silver prices in focus: Commodity Check

Crude oil (CL=F, BZ=F) prices tick lower as energy traders await to hear how the Federal Reserve's interest rate decision could impact future oil demand.

Yahoo Finance senior business reporter Ines Ferré monitors the price action occurring in commodity markets, including oil, gold (GC=F), and silver futures (SI=F).

For more expert insight and the latest market action, click here to watch this full episode of Catalysts.

This post was written by Luke Carberry Mogan.

Video transcript

We're gonna check in on the moves that we're seeing in the commodities market ahead of that decision.

Our very own nez for is at our touch screen with the latest moves.

Hey as hey Mason and let's check out oil and also the metal.

So let's start off with West Texas intermediate and Brent crude, which has been rebounding in recent days.

But today we are seeing a little bit of a pullback just basically flat Brent crude also flat.

You have seen the rebound because of the disruption in the Gulf Coast because of H and Francine also some escalating geopolitical tensions in the Middle East.

Oil may take a cue this afternoon after that fed meeting specifically around the tone of Jay Powell's comments, whether it's a 25 basis point cut or a 50 basis point cut.

A more concerned fed could lead to some speculation over demand in the future and moving on to gold.

We have seen gold futures at this 2600 level.

This is about the resistance that we have been seeing for gold.

Goldman Sachs had a note out recently showing that changes in interest rates do continue to lead to changes in gold prices.

And analysts at that firm reaffirming their long gold trading recommendation with the price target of 2700 by early 2025.

But take note that that's one of the more conservative views because you have firms calling for 2900 by the end of the year, year to date.

We are seeing gold futures that are up 26%.

A lot of this is due to that central bank demand, a boost from interest rate cuts.

Also a lower dollar geopolitical and recessionary risks.

All of this has been contributing to the rally that we have been seeing in gold.

So the expectations of a rate cut today also being priced in there as well.

But we may see a move with gold today after that uh rate cut announcement, expected rate announcement and then with silver, I just want to point out you saw gold that was up year to date.

Silver is up even more year to date up 30%.

It's at around just above the $30 level.

It had gone just past the $31.

So we will see if silver can push up a little bit more also uh today this afternoon after that fed decision guys and thanks so much tracking all of the commodities here ahead of that fed decision.