29 May , 2026 By : Debdeep Gupta
Commodity markets witnessed mixed movement on May 29, with crude oil prices declining slightly amid optimism over a possible extension of the U.S.-Iran ceasefire agreement. Meanwhile, gold prices edged higher due to persistent inflation concerns and expectations around U.S. interest rates.
Commodity markets traded on a mixed note on May 29 as investors closely monitored geopolitical developments, currency movements, and changing global demand expectations.
Crude oil prices edged lower amid hopes of a possible agreement to extend the U.S.-Iran ceasefire. However, comments from U.S. Vice President JD Vance stating that both nations were “close” to a deal but “not there yet” prevented a sharper decline in prices.
Brent crude futures for July delivery, set to expire on Friday, fell 35 cents or 0.37% to $93.36 per barrel, while U.S. WTI crude futures declined 63 cents or 0.71% to $88.27 per barrel. The more actively traded August Brent contract also slipped 46 cents, or 0.50%, to $92.24 per barrel.
Meanwhile, gold prices inched higher as investors evaluated reports surrounding the U.S.-Iran ceasefire agreement alongside persistent concerns over inflation and the trajectory of U.S. interest rates.
Spot gold rose 0.4% to $4,512.79 per ounce as of 0113 GMT and was marginally higher for the week. U.S. gold futures also gained 0.2% to $4,543.10 per ounce.
In the currency market, the U.S. dollar extended its weakness against major global currencies and was on track to end the week lower. Sentiment was influenced by reports that the U.S. and Iran had reached an understanding to extend the ceasefire in the Middle East and ease shipping restrictions through the Strait of Hormuz, reducing safe-haven demand for the dollar.
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