After experiencing four straight days of selloffs, gold futures recovered from an early dip in the market on Tuesday.
Futures Market News
Oil fell to a three-year low on Tuesday, which may have been prompted by price cuts in Saudi Arabia expanding the reach of a recent sell-off.
Soybeans and corn both experienced losses on Tuesday as new reports indicate that this year’s harvest in the United States is gathering strength, potentially becoming the largest harvest ever.
Coffee futures rose to their 32 month high late last night as the Brazilian drought retains its hold on the country.
According to Reuters, ICE Futures U.S. for raw sugar October/March spread narrowed 30 percent prior to the spot contract’s expiry.
On Tuesday morning crude oil futures rebounded following overnight declines, aided by upbeat Chinese manufacturing data.
Gold futures recovered from an eight-month low as equities dropped, turning the precious metal into a popular alternative investment.
According to Lundberg Survey Inc, the average price of regular gasoline at U.S. fell to the lowest level since Feb. 7, trading down 8.9 cents in the two weeks ended Sept. 19 to $3.3741 a gallon.
Britain’s financial markets, as well as those in Europe, welcomed Scottish voters’ decision to stay a part of the UK on Friday.
Gold futures declined to an eight-month low following the Federal Reserve’s decision to increase its outlook for interest rates, reducing the demand for an inflation hedge.