Gold Prices Continue to Rise Amid Economic Uncertainty and Tensions in the Middle East

Prices ended gold This week continues to grow, with spot gold contracts rising in Friday trading 0.71% to $2,362.49 an ounce. US gold futures for June delivery also saw a bigger increase, rising 1.26% to $2,369.60. Crude oil prices also rose, supported by escalating tensions in the Gaza Strip.

The precious metal’s gains were reinforced by disappointing US jobs data, which confirmed expectations that… Federal Reserve Board It can be reduced interest rates To support Economic growth. US jobs data released yesterday, Thursday, which pointed to a higher-than-expected number of jobless claims, strengthened the appeal of gold as a safe-haven asset.

The precious metal’s gains were boosted by disappointing US jobs data (Anatolia Group)

Silver and other metals

While gold rose, silver fell slightly in spot transactions, falling 0.47% to $28.203 an ounce. Conversely, platinum and palladium saw gains, with platinum rising 1.63% to $993.90 an ounce and palladium rising 1.71% to $983.50.

Crude oil rises amid strong demand

See prices Brent crude Also up slightly, largely driven by strong demand signs from… United States AndChina They are two of the largest oil consumers in the world. By 13:14 GMT, Brent crude futures increased 33 cents to $84.21 a barrel, while US West Texas Intermediate crude increased 42 cents to $79.68.

Reports of a decline in US crude inventories and a rise in Chinese oil imports in April confirmed this demand.

The ongoing tension plays out The Middle Eastespecially after recent Israeli military operations in Rafah BGazaa vital role in supporting prices Oil. Uncertainty remains over the negotiation of a ceasefire​​​​​​ and a possible wider regional conflict, particularly related to…Iranare a threat to the stability of oil supplies.

Oil registers rise led by signs of strong demand from the United States and China (Shutterstock)

Economic indicators and market forecasts

Investors remain cautious, with upcoming US economic data on the Producer Price Index and Consumer Price Index expected to be released next week.

These indicators could affect the Federal Reserve’s decisions regarding interest rates, which could affect commodity prices. Likewise, expectations are growing that the European Central Bank could start cutting interest rates next June.

Despite the current price increases, analysts from Citibank expect oil prices to decline through 2024. They expect Brent crude to reach $86 per barrel in the second quarter before it fell to $74 in the third quarter, indicating a decline in global demand.