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US crude oil futures (CL=F) rose nearly 3% on Monday, erasing its year-to-date losses. Meanwhile, gold (GC=F) has hit a fresh all-time high. Yahoo Finance Senior Reporter Ines Ferré breaks down the action in the commodities market.
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WTI saw its biggest daily gain since President Trump took office. Yahoo! Finance's Ines Ferre joins us now with more, Ines.
Yeah, that's right, Josh. And if we just take a look at Brent crude, it's up more than 2 and a half percent. You're looking at a WTI that's up more than 3% for this session, hovering above $71 per barrel. And a lot of this has to do with those threats that we heard from President Trump, uh, that he could impose secondary tariffs on any country that imports oil from Russia. So any imports from countries would be tariffed here in the US if they're buying oil from Russia. This comes after, uh, after also the president had announced something similar when it came to Venezuela last week. So we are seeing some gains for oil, also energy equities as well, and really erasing some of these year-to-date losses that we had seen for oil earlier.
And, Ines, what's the latest on gold?
All right. So gold is at all-time highs, and we have been seeing, this is now the 18th all-time high of the year for gold. So we're looking at at gold futures that are above 3150, uh, right now. Year-to-date, we're looking at gold that's up 18%, and this has to do with so many factors, including central bank buying, including inflows going into gold ETFs. And we've had Wall Street really playing catch up when it comes to their price targets on gold. You had last week Bank of America increasing its price target to 3500, Goldman Sachs increasing theirs to 3300. You've even had 4,000 being floated by some analysts because of the rate of change when it comes to these gold prices and the time that it took, an accelerated period of time that it took for it to go from 2500 to 3000 now to 3100. But be warned that we are seeing gold at all-time highs. If we do have a lot of market volatility, if equities do go lower as we've seen in this downward trend with equities, then you are going to see margin calls. You're going to see traders that will sell anything that they have to sell. So that is one warning from at least one bank.
All right. Thank you, Ines.
