Commodity markets traded mixed on October 27, with oil prices edging lower on hopes of a potential resolution to the US-Israeli war on Iran, while gold held near $4,000 an ounce as investors awaited the Federal Reserve’s policy decision this week.
Oil prices edged lower on Tuesday as the potential for a resolution in the US-Israeli war on Iran kept supply fears at bay, but Brent stayed close to six-month highs as attacks on Saudi Arabia lowered hopes of immediate stability in the region.
Brent crude futures were down 66 cents, or 0.57%, at $115.15 a barrel, while US West Texas Intermediate crude was down 44 cents, or 0.43%, at $101.32.
Gold held near $4,000 an ounce as traders prepared for a Federal Reserve decision this week that’s expected to keep interest rates steady.
Bullion was little changed, having added 0.5% in the previous session.