Friday’s weak US jobs report for August naturally saw renewed interest in gold, helped weaken the value of the US dollar and sparked delight among many investors that the free money from the Fed and other central banks will continue for a while longer.
Oil prices eased on Friday as the clean up after Hurricane Ida across the Gulf Coast and Gulf of Mexico producing facilities but the slide in iron ore prices eased, while wheat and sugar prices closed out another solid week.
Driving much of the activity in commodities was weaker-than-expected economic data around the globe much of which was due to the continuing impact of Covid Delta infections which is slowing activity in China, Malaysia, Vietnam, Taiwan, Thailand and the Philippines.
The rising problems of Covid Delta in these countries continues to strangle the world’s auto industry – all American car plants will be closed…
