Weekly Commodities Fundamental Report – 20th May 2023

Gold: Gold prices fell 2% in the recent week, extending the loss from the previous week. The yellow metal’s ongoing weakening has sent prices below the $2000 level, with prices trading near 6-week lows. This week, the overhang of headwinds got the better of gold. Optimism in the debt ceiling talks bolstered the dollar, sending the dollar index to a seven-week high, diminishing gold’s appeal as a competing safe haven.