Muhammed Said Tanil
05 June 2023•Update: 05 June 2023
ISTANBUL
Commodities shifted to an upward trend last week, shaking off the selling pressure in the previous weeks.
Demand concerns in the commodity market eased amid expectations that the US Federal Reserve would not hike interest rates and the debt limit optimism.
On Saturday, US President Joe Biden signed the debt ceiling bill into law, aimed at averting a catastrophic default on the nation's debt before a June 5 deadline.
The decision to raise the debt limit ensures that the federal government avoids the risk of running short on cash and facing the serious consequences of defaulting on its obligations.
On Wednesday, the US House of Representatives voted 314-117, sending the bill to the Senate.
In the final vote,165 Democrats and 149 Republicans backed the bill negotiated by House Speaker Kevin McCarthy and President Biden.
The price of gold, which ended the three-week downward trend last week, finished the week at $1,948.35 per ounce with a rise of 0.1%.
Silver increased 1.3% last week, while platinum fell 1.8%. The price of palladium was flat.
The pound of copper ticked up 1.6%, aluminum by 0.3% and nickel by 2.2%, while lead decreased 2.6%.
Zinc lost 1% last week as its stocks grew on the London Metal Exchange.
While energy products followed downward trend last week, uncertainties in demand indicators for the US and China suppressed the price of Brent oil.
The price of Brent oil, which tested the lowest level of the last month with $71.5 per barrel last week, closed the week at $76.3 per barrel with a 1.2% decline.
