Oil prices recorded their first monthly decline since April in August, affected by potential supply surplus and geopolitical tensions. Gold prices rose on Friday, approaching historical highs, as legal disputes escalated over Trump's dismissal of Fed Governor Cook. Copper prices climbed for the fourth consecutive week, gaining on Friday driven by economic data.

**Oil: Traders Weigh Supply Outlook and Geopolitical Situation as Oil Records Monthly Decline**

Crude oil posted its first monthly decline since April, with trading dominated by potential supply glut and geopolitical issues, including U.S.-led efforts to end the Ukraine conflict.

October-delivery WTI crude fell 0.9%, closing at approximately $64 per barrel, down 7.6% cumulatively in August. Brent crude closed above $68.

Oil prices have been under pressure since August as markets worry that global supply will exceed demand in the coming quarters, pushing up inventories.

Friday's oil decline intensified after data showed U.S. consumer confidence dropped to a three-month low, reflecting market concerns that tariffs could damage the economy.

Investors are also monitoring the Ukraine situation and potential changes in Russian crude flows. White House Press Secretary Karoline Leavitt said President Trump was "not happy" with Moscow's recent attacks on Ukraine. Washington has imposed 50% tariffs on most Indian goods to punish the country for purchasing Russian oil.

Oil market trading was light on Friday as the U.S. Labor Day long weekend approached, amplifying price volatility.

October-delivery WTI crude futures in New York fell 0.9% to close at $64.01 per barrel.

November Brent crude settlement price dropped 0.7% to $67.48 per barrel.

The October contract expiring Friday fell 0.7% to close at $68.12.

**Precious Metals: Gold Prices Rise Approaching Historical Highs**

Gold prices rose on Friday as legal battles escalated over President Trump's firing of Fed Governor Lisa Cook, with traders weighing U.S. economic data and Federal Reserve prospects.

Cook's emergency hearing is underway in Washington, with a judge considering whether to issue an order allowing her to continue in her role. Trump's unprecedented attempt to fire Cook has intensified market concerns about Fed independence, which financial markets view as the cornerstone of the Fed's ability to manage inflation and economic growth.

"Uncertainty related to Fed and overall institutional independence is driving capital flows into gold," said Frank Monkam, head of macro trading at Buffalo Bayou Commodities. He added that the market is also supported by expectations of increased central bank gold purchases in September.

Meanwhile, U.S. data released Friday indicated inflation remains stubborn, with the Fed's preferred price index still significantly above policymakers' comfort zone. Additionally, U.S. consumer spending in July recorded its largest increase in four months, showing demand remains strong. However, traders continue to bet on high probability of Fed rate cuts in September.

As of 3:31 PM New York time, spot gold rose 0.81% to $3,444.89 per ounce, not far from the historical high of $3,500.10 set in April.

**Base Metals: Copper Prices Rise for Fourth Consecutive Week**

Copper prices gained for the fourth straight week, with economic data boosting demand prospects.

U.S. data released this week showed the economy expanded faster than previously expected, driven by increased business investment and trade. The data also highlighted consumer spending resilience.

As of London market close:

LME copper futures rose 0.86% to $9,902.0 per ton;

LME aluminum futures gained 0.4% to $2,615.5 per ton;

LME nickel futures increased 1.04% to $15,421.0 per ton;

LME zinc futures climbed 1.37% to $2,819.0 per ton.