Commodities roundup: Gold set for third weekly gain, Brent tops $86/bbl; WASDE in attention

Gold prices were set for a third week of gains on Friday as lower inflation boosted optimism over an interest rate cut by the Federal Reserve, while Brent crude ( CO1:COM ) rose above $86 a barrel barrel, even if it has been established. for a weekly drop.

spot gold (XAUUSD:CUR), down -0.5% to $2,404.39 an ounce, by 6 a.m. ET, was set for a weekly gain of 0.8 percent. The non-yielding metal rose above $2,400/ounce yesterday after climbing about 18% over the past six months.

ING analysts believe gold is poised to maintain its positive momentum in the second half amid the current global geopolitical and macroeconomic landscape, while central bank demand is expected to pick up.

November’s US presidential election and the long-awaited Fed interest rate cut will also continue to add to gold’s upward momentum through the end of the year, according to the brokerage.

On the energy side, Brent futures were set for a weekly decline of more than 1.5%, while WTI futures ( CL1:COM ) were also marginally lower. Brokerage ING said it continues to maintain its view that ICE Brent will average $88/bbl in the current quarter.