Gold Prices Pop After Treasury Moves to Push Down Bond Yields — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is up 0.5% to $91.51 a barrel.

--European benchmark gas is down 0.8% to 63.15 euros a megawatt-hour.

--Copper futures are up 0.3% to $14,008 a metric ton.

--Gold futures are up 2% to $4,511.40 a troy ounce.

TOP STORY:

Gold Prices Pop After Treasury Moves to Push Down Bond Yields

Precious metals prices jumped, putting gold on pace for its highest settlement value since June, after the Treasury Department said it would ramp up buybacks of longer-dated government debt.

Treasury's move at least momentarily reversed a run-up in bond yields that had been pressuring precious metals, which pay no yield. Front-month gold futures on Wednesday recently traded around $4,500 a troy ounce, up about 2%.

OTHER STORIES:

Evolution Investors Could Be In for Even Bigger Return Next Year if Metal Prices Remain Hot

Evolution Mining will pay investors a record annual dividend amid a boom in gold and copper prices. Next year, returns could be even bigger if metal prices remain strong, with a special dividend or share buyback potentially on the table, its chief executive officer said.

The Australian gold miner on Wednesday announced a 62% jump in its final dividend to take its full-year payout to 833 million Australian dollars, equivalent to US$590.3 million, or 41 Australian cents a share. Both the final and full-year dividends are record highs for the company.

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Big Food's Biggest Challenge: People Who Don't Want to Eat Anymore

Inside an Omaha test kitchen, executives at Conagra CAG recently huddled over plastic trays of microwaved eggs, potatoes and sausage. One by one, they lifted a package of cheese sauce and poured out the liquid in a slow orange ribbon.

Ashley Lind, who heads behavior science at Conagra, studied the breakfast bowl in front of her. She considered: Was it satisfying?

MARKET TALKS:

Gold Up 2% Amid Weaker Dollar, Falling Bond Yields -- Market Talk

1401 GMT - Gold prices climb 2% amid a weaker U.S. dollar and falling U.S. government bond yields after the Treasury said it would at least double the amount of bonds it buys back. In early U.S. trade, New York gold futures are up 2.1% to $4,516.10 a troy ounce. Markets now await the release of minutes from the Federal Reserve's July policy meeting for more cues on the interest-rate outlook. (giulia.petroni@wsj.com)

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Wheat Higher on Elevated Fighting Between Russia/Ukraine -- Market Talk

0948 ET - CBOT wheat futures are up 0.8%, bucking the past few days of selling as elevated fighting between Russia and Ukraine unfolds. "Recent strength in wheat has come from the constant reciprocal drone and missile attacks between Russia and Ukraine which have effectively shut down Black Sea wheat exports," says Naomi Blohm of Total Farm Marketing. Both countries are leading shippers of wheat worldwide, meaning that an interruption of supply flowing from the region will have lasting consequences for buyers who typically rely on them. Earlier this week, traders had been selling into the bigger rally in wheat stemming from the war, with traders opting to lock in profits. (kirk.maltais@wsj.com)

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Oil Futures Grind Higher on Continued Hormuz Standoff -- Market Talk

0942 ET - Oil futures are higher in early U.S. trading, kept up by the absence of moves to resolve the U.S.-Iran standoff over the Strait of Hormuz. The primary near-term price catalysts will continue to be U.S.-Iran negotiations, EBW Analytics says in a note. In the medium to longer term, increased chances of a U.S.-Iran detente, higher Persian Gulf exports even without a formal deal and supply growth outpacing demand growth "all offer pathways to lower prices," the firm says. But a volatile market hinging on the latest headlines "suggests that steep gains cannot be ruled out." WTI is up 0.7% at $85.50 a barrel and Brent is up 0.5% at $91.45. (anthony.harrup@wsj.com)

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Swiss Companies Are Adapting to Low Rhine Levels, Economiesuisse Says -- Market Talk

1326 GMT - Swiss companies are responding quickly to the low water levels in the River Rhine caused by recent heatwaves, avoiding supply crises seen during the Covid-19 pandemic, business lobby group Economiesuisse's Rudolf Minsch says. Goods from northern ports are being rerouted to Switzerland by road or rail, while Genoa is gaining importance as a route into Switzerland, he says. Typically, about 10% of all goods enter Switzerland via the Port of Basel each year. However, rising prices are necessary. "Only then does it make economic sense to operate ships with lighter loads," Minsch says. He argues governments shouldn't intervene to prevent price increases, given the "self-regulating process" of pricing mechanisms that enable diversions, adjustments, and reduced consumption. (edward.frankl@wsj.com)

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European Gas Prices Supported by Winter Supply Risks -- Market Talk

0823 GMT - European gas prices reached an intraday high of 64 euros a megawatt-hour, their highest level since January 2023, as investors fear the Strait of Hormuz could remain closed into the winter. Europe's gas storage levels are unusually low at 61% full, compared with a five-year average of 78%, leaving Europe with a smaller buffer ahead of winter and more dependent on LNG imports. "Europe has struggled to refill its gas stores this summer as a direct consequence of the Middle East conflict," says Natasha Fielding from Argus. "The closure of the Strait of Hormuz has curbed global LNG supply, and Asia has drawn cargoes away from Europe to make up for a shortfall in Qatari LNG deliveries." In midmorning European trading, the benchmark Dutch TTF contract slips 0.7% to 63.17 euros a megawatt-hour, but is up 10% on the month.(giulia.petroni@wsj.com)

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LME Copper Below $14,000 as Supply Increases -- Market Talk

0811 GMT - Copper prices fall back below $14,000 as fresh deliveries into London warehouses eased fears of a supply squeeze. Warehouse stocks increased by 20,025 metric tons in one day, the biggest daily increase since April, and have now risen for six days in a row, according to ING. "The increase in stocks helped alleviate tightness after inventories had been depleted by strong shipments to the U.S., driven by tariff-related arbitrage opportunities," analysts at the firm say. In early European trading, three-month copper futures on the LME are down 0.4% to $13,898 a metric ton. (giulia.petroni@wsj.com)

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Gold Slips Ahead of Fed Meeting Minutes -- Market Talk

0759 GMT - Gold prices slip as investors await the release of the Federal Reserve's July meeting minutes for fresh clues on its monetary policy outlook. In early trading, New York futures are down 0.2% to $4,410.30 a troy ounce. "The outlook remains constrained by the US-Iran conflict," says Soojin Kim from MUFG. "Energy-driven inflation could reinforce expectations for tighter Fed policy, limiting gold's upside." According to the CME FedWatch tool, traders have significantly scaled back expectations of rate hikes after the latest U.S. economic data, and are now pricing in a 67% probability of a Fed hold. (giulia.petroni@wsj.com)

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Oil Rises on Persistent Hormuz Uncertainty -- Market Talk

0752 GMT - Oil prices rise for a fourth day as talks to reopen the Strait of Hormuz and end the Iran war stall after nearly six months of conflict. In early European trading, Brent crude is up 0.2% at $91.26 a barrel, while WTI futures rise 0.3% to $84.37 a barrel. "Brent crude remains above $90 a barrel as geopolitical tensions and uncertainty surrounding the Strait of Hormuz keep a significant risk premium in energy markets," analysts at IG say. President Trump said Tuesday that there are no ongoing or scheduled talks with Tehran and that the U.S. naval blockade remains in full force. Meanwhile, the U.A.E. halted trade and financial transactions with Iran amid escalating regional tensions. (giulia.petroni@wsj.com)

Write to Barcelona Editors at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

August 19, 2026 10:41 ET (14:41 GMT)