Oil rises and gold prices fall as Middle East tensions flare up again (6 month 3 day)
Oil prices rose as hostilities resumed in the Middle East. Gold fell or remained in a range near unchanged amid a stronger dollar and fluctuations in oil prices. The dollar is watching developments in the Middle East peace negotiations within a parallel range.
Hostilities flared up again in the Middle East. Clashes occurred on fronts related to Iran, while there were moments when negotiations reached an impasse. Some reports also said that Iran was considering a proposal to halt the war.
International oil prices rose in response to the resumption of tensions in the Middle East. Several market participants watched changes in crude oil supply and demand along with supply concerns. Oil prices responded sensitively to geopolitical risks.
Gold fell or moved within a stable range amid a stronger dollar and fluctuations in oil prices. At some points, gold was also observed receiving support from safe-haven demand. The possibility was raised that U.S. economic indicators could affect future demand for gold.
The dollar traded within a narrow range without making any major moves. Investors watched for progress in peace talks in the Middle East. The dollar’s movements also affected the direction of gold and crude oil prices.
U.S. officials said the talks were continuing. Depending on developments, volatility in oil prices, gold, and the dollar could still increase. Market participants are closely monitoring related news.
Sources: Reuters,Yahoo Finance,Investing.com News
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