Global commodity markets traded mixed on January 29, with precious metals extending their rally while energy and base metals showed selective strength. Gold continued to trade near record levels, supported by safe-haven demand and a weaker dollar, while silver held firm after its recent sharp surge. Crude oil prices also moved higher amid supply concerns, even as some agricultural commodities saw mild pressure.
Gold prices today climbed to $5,524.78 per ounce, up 1.94%, tracking strong investor demand and sustained central bank buying. Silver traded at $117.27 per ounce, gaining 0.59%, remaining close to recent record highs after a rapid rally this year.
In the energy segment, crude oil rose 1.32% to $64.05 per barrel, while Brent crude gained 1.18% to $69.21 per barrel, supported by supply-side risks and geopolitical developments. Natural gas prices jumped over 2%, though heating oil slipped during the session.
Among base metals, copper recorded a strong move, rising 5.19% to $6.23, reflecting optimism around industrial demand and supply tightness. Coal and iron ore (CNY) posted modest gains, while steel edged lower.
On the agri side, soybeans traded marginally higher at 1077.10, while wheat slipped slightly to 535.85, reflecting cautious sentiment around global supply-demand dynamics.
Overall, commodities remained in focus as investors tracked macroeconomic signals, currency movements, and geopolitical risks, with precious metals continuing to outperform broader markets.
