Commodity markets traded lower on June 30 as easing geopolitical tensions in the Middle East and a stronger U.S. dollar dampened investor sentiment.
Crude oil prices declined as investors monitored the outcome of potential U.S.-Iran talks in Doha, while weekend missile exchanges between the two sides tested an interim ceasefire aimed at ending the four-month-long conflict.
Brent crude (August) fell 1.03% to $72.40 per barrel, while the more actively traded Brent September contract slipped 0.54% to $73.51 per barrel. U.S. West Texas Intermediate (WTI) also declined 0.66% to $70.32 per barrel.
In the precious metals space, gold dropped more than 1%, extending its losing streak to a fourth consecutive month. The decline came as fading geopolitical uncertainty reduced safe-haven demand, while expectations of higher U.S. interest rates to curb inflation further pressured prices. Spot gold fell 1.5% to $3,957.74 per ounce, while U.S. gold futures (August) lost 1.7% to $3,971.60 per ounce.
Other precious metals outperformed gold, with silver rising 0.4% to $58.51 per ounce, while platinum and palladium also traded in positive territory.
Meanwhile, the U.S. dollar remained on track for a monthly gain, making dollar-denominated commodities, including gold, more expensive for holders of other currencies.