EUROPEAN COMMODITIES UPDATE: XAU returns above USD 4100/oz ahead of FOMC Minutes and NVIDIA earnings

Crude Oil: WTI/ Brent -0.7%

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  Crude benchmarks have begun to pull back slightly and retrace the gains made in Tuesday’s session after consolidating in a tight band throughout the APAC session. WTI and Brent oscillated in narrow USD 60.32-60.70/bbl and USD 64.51-64.78/bbl ranges during APAC trade before falling to a trough of USD 60.00/bbl and USD 64.19/bbl as the European session got underway. Thus far, benchmarks have bounced off session lows as risk tone begins to pick up across global markets.


• Earlier, Axios reported that the Trump administration has been secretly working on a 28-point plan with Russia to end the war in Ukraine. Even though this hints to the war nearing a conclusion, exchange of fire continues between the two countries, with reports that long-range guided ATACMS missiles were fired by Ukraine but were shot down. On the other side, explosions were heard near the Polish border as Russia fired missiles and drones. Note, the Russian Kremlin has since issued a no-comment on the Axios report.


• Crude stocks are expected to see a slight draw of 603mln. Private inventory data saw a larger-than-expected build of 4.4mln barrels, potentially weighing on crude prices.

Precious Metals: XAU +1.0%, XAG +2.6%

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  Spot XAU has seen modest gains to start the European session as markets await for FOMC minutes and NVIDIA earnings after the closing bell. XAU dipped to a low of USD 4056/oz in the early hours of the APAC session before reversing higher and peaking at USD 4099/oz. The yellow metal pulled back slightly to a low of USD 4078/oz before extending above USD 4100/oz. Currently, XAU is trading at session highs at USD 4113/oz


• As markets look forward for the FOMC minutes, it will be key to see how hawkish the voting members on the board are, as recent rhetoric from voters and non-voters have shifted hawkishly and, as a result, market pricing currently only sees around a 40% chance of a December cut.

Base Metals: 3M LME Copper +0.8%

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  Base metals have traded subdued at the start of the European session amid a lack of catalysts. 3M LME Copper oscillated in a tight USD 10.7k-10.77k/t band before extending to a peak of USD 10.78k/t in line with the global risk tone. Broadly speaking the complex, as is the case for markets elsewhere, are waiting for AI behemoth NVIDIA to report Q3 earnings after the closing bell (see board for primer).

19 Nov 2025 - 10:15- ForexEU Research- Source: Newsquawk