Exxon Says Oil and Gas to Remain Top Energy -2-

0816 GMT - Gold futures rise 0.35% to $2,555.3 a troy ounce, holding close to record highs. The precious metal hit a record high of $2,570.4 a troy ounce on Aug. 20, before a sharp selloff on Thursday. This crash was partially reversed on Friday, with gold propelled higher by increased optimism around U.S. Federal Reserve interest rate cuts, and a weaker dollar. On Friday, Fed Chair Jerome Powell confirmed a U.S. interest rate cut was coming in September in a speech at the Jackson Hole symposium, with the only questions now revolving around the size of the cut, market watchers say. Lower rates are typically positive for gold prices, as they boost the appeal of non-interest bearing bullion. (joseph.hoppe@wsj.com)

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Comex Gold Futures' Bullish Trajectory Still Intact, Chart Shows -- Market Talk

0737 GMT - Comex gold futures' bullish trajectory is still intact, based on the daily chart, says Joseph Chai, analyst at RHB Retail Research, in commentary. The futures' bullish price action on Friday, together with rising relative strength index indicator, suggest upward momentum is picking up and may prompt the precious metal to keep rising to test nearest resistance at the $2,600/oz level, the analyst says. At this juncture, the 20- and 50-day simple moving averages continue to trend upward, solidifying the bullish technical setup, the analyst says. On the downside, immediate support is at $2,500/oz, the analyst adds. Spot gold is 0.3% higher at $2,519.54/oz. (ronnie.harui@wsj.com)

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Gold May Extend Upward Momentum, Angel One Says -- Market Talk

0601 GMT - Gold prices are expected to extend their upward momentum, supported by a weaker U.S. dollar and the anticipation of Fed rate cuts, says Saish Sandeep Sawant Dessai, an analyst at Angel One. Gold rebounded sharply on Friday following Fed Chair Powell's comments at the Jackson Hole Symposium, which signaled a likely rate cut next month. Additional support came from increased gold import quotas by China and rising holdings in gold-backed ETFs, underscoring robust demand and contributing to gold's up-move last week, he says in a note. Spot gold prices have risen more than 22% so far this year, according to FactSet. (monica.gupta@wsj.com)

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Iron Ore Prices Rise But Fundamentals Weak -- Market Talk

0228 GMT - Iron ore prices are higher in early Asian trade, recovering from last week's declines. The black metal's fundamentals remain weak, Nanhua Futures analysts write in a note. The demand side lacks a boost with investor sentiment unchanged despite China's measures to buy up housing inventories, they say. Markets have also already priced in the Fed's policy easing in September, they add. The most-traded iron ore contract on the Dalian Commodity Exchange is 1.4% higher at CNY735.5 a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

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Copper Higher Amid Risk-On Tone Across Markets -- Market Talk

0127 GMT - Copper is higher in early Asian trade amid a risk-on tone across markets following U.S. Fed chair Powell's dovish speech, according to ANZ research analysts in a commentary. The sector had already seen some recovery in prices last week as sentiment around global demand turned more positive, they say. A rebound in China demand is also helping, ANZ analysts add. The three-month LME copper contract is 1.8% higher at $9,298.00 a ton. (tracy.qu@wsj.com)

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(END) Dow Jones Newswires

August 26, 2024 11:02 ET (15:02 GMT)

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