West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $88.45 during the early European trading hours on Monday. WTI price attracts some buyers following the Kuwaiti military reports of a missile and drone attack.
Gold prices fell in India on Monday, according to data compiled by FXStreet.
Kuwait's armed forces said that the country's air defense systems were intercepting hostile missile and drone attacks after air raid sirens sounded and emergency alerts were issued nationwide, the Guardian reported on Monday.
Gold (XAU/USD) kicks off the new week on a subdued note and remains on the back foot below a two-week top, around the $4,600 neighborhood, touched on Friday.
Gold price (XAU/USD) declines to near $4,535, snapping the two-day winning streak during the early Asian session on Monday. The precious metal loses ground amid the lack of progress in the US-Iran peace negotiations.
Iranian Foreign Minister Abbas Araghchi said that talks and message exchanges with the United States (US) were onongoing buttressed that no assessment of negotiations could be made until a clear outcome was reached, Reuters reported on Sunday.
Silver price retreats by 0.16% during the session, consolidating around the $75.00-$76.00 area, virtually unchanged, near the 50-day Simple Moving Average (SMA) at $75.70.
Gold (XAU/USD) price advanced more than 1.50% on Friday amid news that Iran and the US are close to signing a deal aimed at extending the ceasefire for 60 days to allow negotiations on Iran’s nuclear program. At the time of writing, XAU/USD trades at $4,563, after bouncing off daily lows of $4,489.
Silver (XAG/USD) trades flat on Friday, failing to capitalize on improving market sentiment surrounding a potential US-Iran peace deal even as the US Dollar (USD) slides to a two-week low. At the time of writing, XAG/USD trades around $75.60 and is on track to end the week virtually unchanged.
DBS Group Research’s Philip Wee notes that Brent and WTI have fallen sharply, as markets anticipate abundant supply from the Gulf.