2024-08-01 16:34:46
The rapid geopolitical developments in the Middle East have sparked oil and metal prices, especially the assassination of Hamas political bureau chief Ismail Haniyeh in the Iranian capital Tehran on Wednesday morning, and the assassination of a prominent Lebanese leader.
Gold prices rose to their highest level in two weeks on Thursday, after US Federal Reserve Chairman Jerome Powell opened the door to cutting interest rates as early as September.
Spot gold was steady at $2,445.39 an ounce by 0650 GMT, after hitting its highest since July 18 earlier in the session. Prices were just $38 below a record high of $2,483.60 hit on July 17, according to Reuters.
U.S. gold futures rose 0.7 percent to $2,490.10.
Global oil prices continued to rise for the second consecutive session, with Brent crude exceeding $81 a barrel on Thursday after jumping 3.6 percent in the previous session, and US West Texas Intermediate crude exceeding $78, up 0.9 percent, according to Bloomberg.
In addition, oil prices were supported on Thursday by a set of data issued by the United States, the world’s largest oil consumer, and the decline of the dollar, according to Reuters.
US oil inventories have fallen for five straight weeks, the longest such streak since January 2021.
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2024-08-01 16:34:46