Commodity markets traded mixed on October 28, with oil prices rising amid Middle East tensions. Meanwhile, gold held above $4,000 an ounce as dip-buying support lifted bullion ahead of the US Federal Reserve’s interest-rate decision.
Oil rose as traders tracked a tight Israeli election, and the Wall Street Journal reported the US has told several Persian Gulf nations to be prepared for a fresh military campaign against Iran after the midterms.
Brent climbed toward $116 a barrel, snapping a two-day drop, while West Texas Intermediate was above $101.
Gold steadied above $4,000 an ounce as dip buyers entered the market before the Federal Reserve’s interest-rate decision due later Wednesday. Bullion held a 1.1% gain from the previous session.
Silver was little changed at $54.41 an ounce. Platinum was marginally lower, while palladium edged up.