Commodity Corner: Oil eases, gold remains under pressure

According to fresh market updates, Commodity markets traded mixed on September 24, with crude prices easing after a sharp 4% climb in the previous session, while gold remained under pressure amid elevated energy prices and stronger US economic data.

Crude prices edged softer on Thursday, after climbing 4% in the previous session, as Iran stated it remained open to diplomacy to end the US-Iran war, though the two countries stay far apart on ways to do so.

Brent crude futures declined 94 cents, or 0.9%, to $102.13 a barrel, while West Texas Intermediate futures eased 59 cents, or 0.7%, to $91.56.

In precious metals, gold held a slide as resurgent energy prices and stronger-than-anticipated US economic data increased bets the The US central bank might again raise interest rates to combat inflation.

Bullion was trading around $4,290 an ounce, after falling 1.7% the day before.

Silver was 0.2% softer at $64.31 an ounce after sliding 4% in the previous session. Platinum and palladium edged softer.

The dollar clung to a two-month high on Thursday after a firm manufacturing reading reignited inflation fears and rate-hike bets, while a weak Treasury auction sent yields elevated across the curve, providing fresh impetus to the US currency.