Precious metal prices see slight declines while oil prices move up
ISTANBUL
While recession concerns continue to weigh on markets, the stock and commodity markets are reacting in diverse ways.
The global commodity market’s selling trend accelerated last week amid heightened volatility.
While crude oil prices rose on Monday, precious metals posted a slight decline.
Gold was down 0.3% to $1,822 and silver was down 0.05% to $21.13, while Brent oil was up 1.8% to $111.12 and US benchmark West Texas Intermediate was up 2% to $109.85.
The G-7 countries’ decision to impose new sanctions on Russia, and the issue of setting a ceiling price for Russian oil, also pushed up oil prices, which were already affected by supply problems.
On Monday, the US stock market closed lower to give up its earlier gains. The Dow was down by 0.2% to 31,438, the S&P 500 was down by 0.3% to 3,900, and Nasdaq was also down by 0.83% to 11,511 at the close.
The VIX volatility index, also known as the fear index, was up 0.73% to 27.43, while the dollar index fell 0.25% to 103.92, and the 10-year US Treasury yield increased 2.2% to 3.192% at Monday’s close.
On the European side, markets saw mixed figures at the close.
While the STOXX Europe 600, UK’s FTSE, and Germany’s DAX 30 closed the day in positive territory, France, Italy and Spain’s indices were in the red.
Meanwhile, Asian indices closed Monday with gains on the expectation that recession concerns would ease the tightening policies of global central banks.
At the close, the Asia Dow earned 1.87%, the Nikkei 255 1.43%, the Hang Seng 2.35%, Shanghai 0.88%, the 0.86% and Singapore 0.83%.
On Tuesday, as of GMT0606, half of the Asian indices were in the positive, while the Hang Seng, Sensex and Singapore indices were in the negative territory.
On Monday, Türkiye’s Borsa Istanbul dropped by 0.97% to 2,529.26 points.
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