Commodities: Precious metals lower despite weakness in US dollar

Weakness in precious metals and agricultural futures, despite a dip in the US dollar, weighed on the comodity space.

April 2017 COMEX gold futures lost 0.95% to $1,202.00/oz, alongside losses of 0.80% for silver futures to $17.00/oz.

Copper futures on the other hand were managing to cling on to a fractional gain, edging up by 0.04% to $2.7095 a pound.

Meanhwile, ICE traded cocoa futures were lower by 0.68% to $2,186 per metric tonne, amid losses of two tenths of a percentage point for US wheat and live cattle futures.

In the energy space, West Texas Intermdiate was higher by 0.15% to $53.21 a barrel, although NYMEX heating oil was down 0.94% to $1.6260 a gallon and RBOB gasoline by another 2.14% to $1.5422 a gallon.

Wednesday´s losses for gasoline came amid reports in the previous session the new US president would move forward, although he stopped short of issuing a greenlight, on building the Keystone XL and Dakota Access oil pipelines.

Bloomberg's commodity index was trading lower by 0.34% to 88.45 even as the US dollar spot index dipped 0.28% to 100.07.

Worth noting, analysts at Rabobank and UBS both sounded a cautious note on the US dollar, warning that a peak may have been established.