Commodity markets traded lower on June 29 as easing geopolitical tensions in the Middle East and a stronger US dollar weighed on investor sentiment.
Oil prices pared early gains after the US and Iran agreed to halt attacks on each other following weekend flare-ups that saw an oil supertanker struck near the Strait of Hormuz. Brent crude hovered near $72 per barrel after rising as much as 1.9% earlier in the session, while West Texas Intermediate (WTI) remained below $70 per barrel.
In the precious metals segment, gold slipped to around $4,000 per ounce, as hopes of a sustained ceasefire between the US and Iran reduced safe-haven demand and eased concerns over energy supply disruptions.
Other precious metals also declined, with silver falling 1.1% to $58.50 per ounce, while platinum and palladium traded lower.
Meanwhile, the US dollar remained on the defensive on Monday but was still on track for its strongest monthly gain in nearly a year, supported by geopolitical uncertainties in the Gulf and ahead of key US jobs data that could provide further clues on the Federal Reserve's interest rate trajectory.