Oil steadies after 4% surge while gold stays near three-month low

what happened

According to TradingView, commodity markets traded mixed on October 23. Oil prices were little changed in early Asian trade after climbing 4% to a five-month high in the previous session, driven by worries about fresh supply disruption following Houthi attacks on Saudi Arabia, the top exporter.

Brent crude futures slipped 21 cents, or 0.2%, to $112.96 a barrel, while US West Texas Intermediate fell 27 cents, or 0.3%, to $98.12. WTI was set to end a two-week winning streak with a weekly decline, while Brent was on course for a third straight weekly gain.

Gold held near its lowest close in more than three months as investors sold bullion amid a cross-market stock rout. The metal traded around $4,025 an ounce after dropping almost 3% the previous session, its lowest since July 20. Silver eased 0.1% to $54.49, platinum dipped 0.2%, and palladium was flat. The dollar index stood at 101.52, after touching 101.44 on Thursday, its lowest level since the start of the month.

why it matters

For oil, the main driver remains the risk of further supply disruption from the largest exporter, so price moves depend heavily on developments around Saudi Arabia. Gold is reacting to a broad equity sell-off rather than geopolitics, which matters for investors who count on the metal as a safe haven. A weaker dollar, near its lowest level since early October, typically supports dollar-denominated commodities.

market impact

Oil: supply risk from Saudi Arabia supports Brent and WTI; gold is pressured by the stock market sell-off

tags

instruments