Commodity Market Tends Toward Recovery

Having shaken off selling pressures, the commodity market tended toward recovery last week.

It showed significant price rises after downward pressures registered weeks earlier.

Last week, gold gained 1.9%, silver 3%, palladium 1.2%, and platinum 1.4%.

Analysts pointed out that aggressive central bank policies and growth-focused concerns remained on the global agenda amid high inflation rates.

US Federal Reserve chair Jerome Powell signaled that a soft landing for the economy would be "challenging," while "safe haven" investments gained popularity.

Base metals also showed signs of recovery with loosening COVID-19 restrictions in China fueling demand.

In the over-the-counter market, copper increased 3.5%, lead 3.8%, aluminum 5.9%, and zinc 5.1%.

The international benchmark Brent oil rose 0.5% and natural gas traded on the New York Mercantile Exchange rose 5.5%. -