Summary:
- Gold prices rising amidst market uncertainty.
- Natural gas futures rose to their highest price since August 2008.
- Demand for cotton is softening due to inflationary pressures and rising prices.
XAUUSD expected to rise
Gold prices rose during early trading on Tuesday, this rally is expected to last as projections of an economic slowdown pave the way for higher gold prices. A strong mix of talks of a global recession, decades-high inflation and geopolitical tensions should increase the demand for gold due to its safe-haven properties.
The rise in gold comes after two days of declining prices thanks to a stronger US Dollar and rising treasury yields.
XAUUSD Price Chart
Natural Gas facing declining production
On Tuesday Natural gas futures rose to their highest price since August 2008, this comes in the wake of higher international demand and declining production. As the northern hemisphere goes into summer, the need for cooling has strengthened which has been a driver for rising prices in the short term. On a global scale, the war in the Ukraine has caused a global energy shortage. The European Union is calling on the U.S to increase their exports to Europe to help lessen the region's reliance on Russian gas.
NGAS Jul ‘22 Futures Price Chart
Demand for Cotton softens
Cotton prices have fallen amidst hopes of higher supplies due to favourable weather conditions in the top growing regions. Cotton crop planting is ahead of schedule giving hope around strengthening yields. In addition, it seems that demand for cotton is softening due to inflationary pressures and rising prices.
Cotton Oct ‘22 Futures Price Chart
Sources: finance.yahoo.com, tradingeconomics.com
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