Spot gold hit $4,130/oz, up 2.45% on the day, rallying nearly $60 since the US nonfarm payrolls release.

The Baltic Dry Index rose 88 points (3.4%) to 2,650 on Thursday, its highest level since June 24, led by a sharp jump in capesize rates. The capesize index (BCI) climbed 229 points (6.2%) to 3,921; capesize average daily earnings increased $2,079 to $32,060. The panamax index (BPI) gained 18 points (0.8%) to 2,195, with panamax daily earnings up $167 to $19,758. The supramax index (BSI) rose 2 points (0.1%) to 1,675.

Refinitiv data show Dubai spot crude's discount to swaps widened to more than $4 per barrel, the largest gap since May 2020.