Commodities Week Ahead: Inflation Watch Weighs On Oil, Keeps Gold Afloat – Investing.com

Commodities Week Ahead: Inflation Watch Weighs On Oil, Keeps Gold Afloat – Investing.com

could slip further from recent highs this week, with inflation worries consuming the powers that be in America, as policymakers from Congress to the White House mull ways to curb price pressures which are growing at their fastest pace in over 30 years.

, meanwhile, is getting more chances by the day to act like the inflation hedge it is supposed to be, sticking firmly to mid-$1800 levels, as investors cling to bullion despite its rival, the hitting 16-month highs.

On the oil front, in a letter last week, eleven Senate Democrats urged President Joseph Biden to tap the Strategic Petroleum Reserve (SPR) and ban crude exports from the United States in order to add to immediate supply, which could bring down pump prices from seven-year highs.

‘Let’s Get Gas Down Right Now’

Senate Majority Leader Chuck Schumer added to that clarion call on Sunday, saying “no industry is spared” of inflation “but fuel gasoline is the worst of all."

"Let's get the price of gas down right now. And this will do it," Schumer said, referring to the proposed SPR draw.

Investors are also betting that the Federal Reserve will have to raise US interest rates sooner