Gold Above $4,600 on Weaker Dollar, Debt Fears — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is up 0.3% to $94.10 a barrel.

--European benchmark gas is up 0.7% to 66.41 euros a megawatt-hour.

--Copper futures are up 1.2% to $14,206.00 a metric ton.

--Gold futures are up 2% to $4,663.20 a troy ounce.

TOP STORY:

Gold Above $4,600 on Weaker Dollar, Debt Fears

Gold climbed back above the $4,600-an-ounce mark as investors viewed the U.S. Treasury's plans to expand bond buybacks to bring long-term yields lower as a sign of stress, sparking a fresh round of dollar selling.

In early U.S. trading, New York futures rose 1.4% to $4,636.30 a troy ounce, on track for a weekly gain of 4.5%. Other precious metals also advanced, with silver gaining 2% to $69.50 an ounce and platinum rising 3.2% to $1,898.80 an ounce.

OTHER STORIES:

Trump Wants to Revive Keystone XL. The Industry Has a Different Plan.

President Trump suggested a revival of the long-contested Keystone XL oil pipeline could be in the cards when he said the U.S. is close to reaching a trade deal with Canada to avert new tariffs. Pipeline developers are already piecing together an alternative to the scuttled Keystone expansion.

Trump has signed his support for the alternative supply line. He issued a permit in April to allow it to cross the border in Montana. That project is part of a trio of proposed pipelines that aim to deliver heavy oil from western Canada to Gulf Coast refineries able to process the sludgy crude.

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U.S. to Boost Beef Imports to Address High Prices, Trump Says

President Trump announced a plan to temporarily allow more foreign beef imports into the U.S. without paying higher tariffs, his latest move aimed at easing a run-up in beef prices for American shoppers.

Trump, in a social-media post on Friday, said the Trump administration, for the next 90 days, will allow up to 300,000 metric tons of ground beef to be imported into the U.S. without triggering higher tariff rates. "We have a commitment that this beef will be sold at 25 percent below current market prices," Trump said.

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Ramelius Will Consider Increasing Buyback Once It Has Cash From Mine Sale -- Interview

Ramelius Resources is likely to consider stepping up its share buyback later in the quarter once it has received proceeds from the sale of the Edna May gold mine in Western Australia, its chief executive officer said.

Ramelius in June agreed to sell the idled Edna May gold mine in Western Australia to Forrestania Resources for 200 million Australian dollars, equivalent to US$142.2 million, in cash and A$100 million in Forrestania shares.

MARKET TALKS:

Cocoa Driven by Supply Fears, El Nino, But Moves Seem Hard to Justify -- Market Talk

1528 GMT - Cocoa prices are moving higher on supply fears and the risk of El Nino, but erratic market movements are proving hard to explain, Rabobank's Oran van Dort says. Cocoa contracts have surged 18% in New York since a July 30 low. Ghana's cocoa board warned production would decline by 16% in the 2026-27 season, helping drive prices higher, Van Dort says, adding that cocoa trade this week has been volatile. "The daily moves we are seeing are feeling harder to justify at times. It feels like large moves are no longer reserved for big data releases." Cocoa trades down 0.7% Friday at $6,020 a ton.(josephmichael.stonor@wsj.com)

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Soybeans Lower, Even With Large Sale to China -- Market Talk

1128 ET - The USDA confirmed a new flash sale of U.S. grain exports Friday, which included a sale of 712,000 metric tons of soybeans to China for delivery in the 2026/27 marketing year. The USDA also says that 720,000 tons of soybeans were sold to unknown destinations for delivery in 2026/27, and 205,000 tons of corn were "received in the reporting period" by the USDA for unknown destinations for 2026/27. But soybean futures on the CBOT are down 0.1% in early trading. "Soybean futures were lower overnight as weekly export sales softened and rain was forecast for parts of the Corn Belt," says Joe Davis of Futures International in a note. (kirk.maltais@wsj.com)

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Copper Above $14,000, With Chinese Production in Focus -- Market Talk

1448 GMT - Copper prices hold above $14,000 a metric ton after edging lower in recent days. The decline was partly driven by a sharp increase in copper stocks held in LME warehouses: total copper inventories climbed by 34,000 tons from last Friday to nearly 240,000 tons, according to Commerzbank. The rise in stocks provides some short-term relief for the well-supplied global market. However, China's copper production showed signs of weakening. Output fell 3.7% in July from the previous month and was only 1.3% higher than a year earlier. "A significant slowdown in China's copper production could lead to a shortage in the global copper market, which has so far remained well-supplied," analysts at the bank say. LME copper futures are up 0.9% to $14,172.50 a ton. (giulia.petroni@wsj.com)

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Gold's Call Option Demand Increases Volatility -- Market Talk

1442 GMT - Gold's rally is being amplified by strong demand for call options, Goldman Sachs says. "As gold prices approach key strike levels, dealers that have sold these calls may be forced to buy gold to hedge their exposure, accelerating the rally," analysts at the bank say. At the same time, expectations for further Fed rate hikes have weakened after softer U.S. employment and inflation data, supporting renewed demand from Western investors and gold ETFs. Goldman sees significant upside risk to its $4,900-an-ounce end-2026 estimates, but says its forecast doesn't account for the current surge in call-option positioning. "Any pullback in the gold price can prompt dealers to unwind those hedges, adding selling pressure and amplifying the price downside," analysts say.(giulia.petroni@wsj.com)

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Cattle Futures Drop After Trump Calls for More Beef Imports -- Market Talk

1018 ET - Live cattle futures on the CME are down 2.1% to $2.136 a pound after President Trump calls for an increase in the amount of beef being imported into the U.S. On Truth Social, Trump says that the U.S. will allow up to 300,000 metric tons of ground beef to be imported into the country without any "out of quota tariff," to be sold "at 25 percent below current market prices," which is pressing on the futures contract. Most-active cattle futures are closing in on their lowest level since November, according to FactSet data. The drop comes ahead of the USDA's Cattle on Feed report this afternoon. Lean hogs fall 0.1%. (kirk.maltais@wsj.com)

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U.S. Natural Gas Futures Pick Up on Weather Outlook -- Market Talk

1001 ET - Natural gas futures start the day higher with help from hotter near-term weather forecasts, while gains remain limited by comfortable storage levels. "The next 15 days are back to being solidly bullish as daily national CDDs [cooling degree days] are hotter/above normal each day," NatGasWeather.com says in a note. The market had shrugged off yesterday's small weekly storage injection as inventories remain well above average. "Next week's EIA report is also expected to print another smaller-than-normal build due to hot temperatures this past week and aided by lighter wind energy generation," NatGasWeather.com says. Nymex natural gas is up 1.6% at $2.777/mmBtu. (anthony.harrup@wsj.com)

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Oil Futures Steady in Early U.S. Trading -- Market Talk

0920 ET - Crude oil futures are little changed in early U.S. trading and on track for weekly gains amid market expectations of an extended standoff in the Persian Gulf between the U.S. and Iran. Yesterday's stronger-than-expected WTI September expiration "now provides an easy upside target to the October contract," Ritterbusch & Associates says in a note. The continued virtual closure of the Strait of Hormuz and stalled diplomatic efforts to reopen it support the bullish view, the firm says. "Iran remains dug in while the U.S. has shifted strategy from a bombing campaign to economic isolation that may or may not spur concessions from Iran." WTI is off 0.1% at $86.76 a barrel and Brent is 0.1% higher at $93.87. (anthony.harrup@wsj.com)

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Gold's Rise Comes Amid New Phase in Capital Cycle -- Market Talk

0837 ET - The recovery in gold prices reflects a shift away from U.S. Treasurys toward alternative assets amid uncertainty clouding the fixed income market and growing concerns about the sustainability of U.S. public debt, XS.com senior market analyst Samer Hasn says in a note. "I believe it is futile to discuss the potential paths for the yellow metal as a safe haven," he says. The Treasury Department's decision helped weaken the impact of high bond yields on gold and other non-yielding assets, "which might explain capital rotating back toward those assets." Flows into physical gold exchange-traded funds also helped fuel the upward trend, Hasn adds. Gold is up 1.5% at $4,639.80 an ounce. (anthony.harrup@wsj.com)

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Gold Extends Gains on U.S. Debt Concerns -- Market Talk

1218 GMT - Gold prices extend gains on a weaker U.S. dollar and fiscal debt concerns after Treasury Secretary Scott Bessent said he is prepared to expand buybacks of U.S. debt. In early U.S. trading, New York futures are up 1.7% at $4,648.10 a troy ounce, on track for a weekly gain of nearly 5%. "Demand for gold as a safe-haven asset is increasing as concerns about rising government debt resurface," says Barbara Lambrecht from Commerzbank. Other precious metals are gaining too. Silver futures are up 2.1% at $69.52 an ounce, while platinum is up 2.9% at $1,891.90 an ounce. (giulia.petroni@wsj.com)

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Palm Oil Ends Higher on Higher Soybean, Crude Oil Prices -- Market Talk

1007 GMT - Palm oil ended higher, driven by higher soybean oil and crude oil prices, says David Ng, a trader at Kuala Lumpur-based Iceberg X. Persistent concerns over El Nino affecting crude palm oil output are also likely to lift prices in the near term, he added. The Bursa Malaysia Derivatives contract for November delivery closed 59 ringgit higher at 5,020 ringgit a ton.(amanda.lee@wsj.com)

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August 21, 2026 12:02 ET (16:02 GMT)