Commodities: gold price again above USD 1,900
After sharp price rises in recent months, industrial metals were still improving at the beginning of last month. Copper set a new historic record price of USD 10,725/tonne. Volatility then increased, which should perhaps be seen in the light of the winding down of speculative positions taken in these commodities.
Brent oil prices improved in May but have been unable to break the USD 70 per barrel level since March. The gradual reopening of economies is reducing inventories, but a new nuclear deal with Iran is reportedly not far off. Lifting the sanctions would, according to analysts, allow Iran to put more than 1 million additional barrels per day on the market (expected as from December), based on the pre-sanctions production levels. Iran itself claims to be capable of producing considerably more.
The price of gold closed above USD 1,900 per ounce for the first time since early January. As a result, gold made up for its loss in the spring. The price is supported by investors who expect possibly higher US inflation and a weaker dollar. The stabilization of US bond yields and the decline of Bitcoin are also positive factors for the price of gold.