CNBC's Sharon Epperson discusses the day's activity in the commodities markets. Gold could be headed to $1,350 and analysts expect another draw on oil inventories.
Gold pushed above its settlement in afternoon trading on Tuesday, pushing toward $1,350, a day after the metal had its strongest one-day rally in more than a year.
Treasurys prices stayed low on Tuesday after the U.S. government sold new two-year notes in an uneventful auction, the first sale in $99 billion of supply this week.
European shares pared earlier gains to close down on Tuesday, after a late session sell-off that traders attributed to concerns about possibly disappointing earnings from Apple.
China's benchmark stock index led Asia higher on Tuesday, as speculation grows that Beijing could take stimulus measures to boost a slowing economy.
The yen rose against the dollar for the first time in four sessions on Monday after Japanese Prime Minister Shinzo Abe won a widely expected victory in elections for parliament's upper house.
U.S. oil prices pulled back from last week's 16-month high on Monday as traders locked in profits from a blistering rally that briefly sent U.S. crude to a premium over Brent.
Gold settled at $1,336 on Monday, surging nearly 3 percent as a breakout out above the $1,300 level triggered short covering.
Asian equities were marginally higher on Monday after Japanese Prime Minister Shinzo Abe's landslide victory in Sunday's upper house elections signaled a green light for future monetary stimulus.
The dollar fell against the yen in late trade on Friday as investors adjusted positions before Japan's upper house elections on Sunday.
Gold rose on Friday to notch its second weekly gain after many investors were soothed by the Federal Reserve's assurance this week that it will be careful in tapering its economic stimulus.
U.S. crude briefly traded at a premium to the global benchmark Brent on Friday for the first time since October 2010, ending the session only modestly lower.
The yen fell across the board on Thursday as traders bet Japan's upper house elections would strengthen Prime Minister Shinzo Abe's position.
An unexpected drop in jobless claims helped spur U.S. oil to its highest level in 16-months on Thursday, narrowing its spread with Brent crude.
Gold prices settled higher on Thursday, partially recovering from a more than 1 percent loss in the previous session.
The dollar rose broadly on Wednesday after Federal Reserve Chairman Ben Bernanke confirmed market expectations that the U.S. central bank will start reducing its monetary stimulus.
U.S. oil settled marginally higher after the Energy Information Administration reported further draws in American crude stockpiles and larger-than-expected increases in gasoline inventories.
Gold fell more than 1 percent to settle at $1277 after Fed chief Ben Bernanke said the U.S. central bank still expects to start scaling back its massive bond purchase program later this year.
Asian equity markets were mixed on Wednesday ahead of a widely-anticipated speech from the chairman of the U.S. Federal Reserve.
The dollar stayed on the defensive on Wednesday ahead of Federal Reserve Ben Bernanke's semi-annual testimony in Congress later in the day.
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