Gold (XAU/USD) loses ground on Thursday, snapping a four-day winning streak as the US Dollar (USD) rebounds, while Oil prices extend their gains on rising tensions in the Middle East. At the time of writing, XAU/USD trades around $4,090 after hitting a two-week high of $4,165 on Wednesday.
ING’s commodities team notes Gold and Silver have extended gains on dip-buying and geopolitical concerns in the Middle East. They highlight Gold trading above $4,000/oz and Silver near $60/oz, supported by safe-haven flows and stronger industrial metals sentiment.
West Texas Intermediate (WTI) oil price extends losses for the second successive day, trading around $81.90 per barrel during the Asian hours on Tuesday. Oil prices decline as temporary diplomatic signals have emerged.