Gold at lowest level of 2023 after fourth straight weekly decline
Gold settled at its 2023 low on Friday, with the most actively traded contract logging its fourth straight...
Gold settled at its 2023 low on Friday, with the most actively traded contract logging its fourth straight weekly loss after the January PCE report showed a stronger-than-expected increase in prices, a sign that the Federal Reserve will likely continue its aggressive rate hike and monetary tightening to combat inflation.
Gold for April deliveryGC00, -0.48%GCJ23, -0.48% fell $9.70, or 0.5%, to settle at $1,817.10 an ounce on Comex. That was the lowest settlement since Dec. 28. The most-active contract also ended the week with a 1.8% loss after losing 1.3% last week, according to FactSet data.
March silverSIH23, -2.66% fell 50 cents, or 2.3%, to end at $20.81 an ounce, with prices down 4.2% for the week.
April platinumPLJ23, -3.82% was down $37.60, or 4%, to finish at $907.90 an ounce, for a weekly loss of 1.5%, while March palladiumPAH23, -2.21% declined $51.30, or 3.6%, to settle at $1,377.30 an ounce, for a weekly decline of 7.6%.
March copper HGH23, -2.53% fell 11 cents, or 2.6%, to close at $3.953 a pound. The most-active contract tallied a weekly loss of 3.8%.
Fuel prices to stay high amid refinery capacity shortage
The loss of 921,000 barrels per day of global refinery capacity since 2019 has led to a supply and demand...
The loss of 921,000 barrels per day of global refinery capacity since 2019 has led to a supply and demand imbalance in the oil products market that is expected to keep prices for gasoline, diesel and jet fuel elevated this year, according to analysts. New refineries with the potential to add 3 million bpd of capacity are set to begin operations this year, but it could take a year or more before these reach their maximum output, says S&P Global Commodity Insights Head of Global Oil Analytics Rick Joswick.
U.S. consumer spending picks up strongly in January
The numbers: Consumer spending rose 1.8% in January to mark the biggest increase in...
The numbers: Consumer spending rose 1.8% in January to mark the biggest increase in almost two years, but the surge was powered by unusually strong auto sales and is unlikely to last.
Analysts polled by The Wall Street Journal had forecast a 1.4% advance. It was the first increase in three months in consumer spending, which faltered toward the end of last year due to high inflation and rising interest rates.
Incomes rose 0.6% last month, the government said Friday, helped by a big increase in inflation-adjusted Social Security payments. Incomes typically rise at a much slower rate.
Is contaminated water from Palestine derailment fire coming through Oklahoma?
Leaders of a small town near Houston learned this week...
Leaders of a small town near Houston learned this week that the water used to battle the blaze at the Ohio train derailment is being sent to a company in their town. Whether it’s coming through Oklahoma is unclear yet.
They only learned of the matter through the press and were not notified by officials. It’s not clear the rail route taken by the trains hauling the contaminated water to Deer Park, a suburb on the east side of Houston. There remains a possibility it is being hauled through eastern Oklahoma but that is not confirmed.
Insider reported nearly 2 million gallons of the water is being transported from Ohio to Texas Molecular, a waste treatment company in charge of the disposal.
Mountain Valley Pipeline startup still possible this year
Equitrans Midstream's Mountain Valley Pipeline is 94% complete and remains on track to come online this...
Equitrans Midstream's Mountain Valley Pipeline is 94% complete and remains on track to come online this year, if necessary permits are issued in the next few months as expected, said CEO Thomas Karam. Equitrans believes "our country desperately needs federal permitting reform," as "[c]ompanies need to have some assurance that permits are issued and construction is authorized, [and] that their investment won't be endlessly held hostage by legal challenges," Karam added.
