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<Commodity> Oil Price Drop Eases Inflation Concerns; Gold Futures Rise Nearly 4% as G Sachs Predicts Year-end Price of USD5,400
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Oil prices fell, easing market concerns about persistent inflation, following reports that Washington has submitted a proposal to Iran to end the Middle East conflict, which boosted gold prices on Wednesday. Spot gold recently rose by USD82 or 1.8% to USD4,557.9 per ounce. Gold futures for April delivery recently increased by USD159 or 3.6% to USD4,561 per ounce. G Sachs remains optimistic about gold prices, predicting that despite recent market normalization, gold prices will rise to USD5,400 by the end of this year. This is mainly due to continued gold purchases by central banks, seeking to diversify assets by shifting to assets with lower geopolitical and financial risks. Silver futures for May delivery rose 4.8% to USD72.9 per ounce. Copper futures for May delivery increased 1.9% to USD5.56 per pound. Platinum futures for April delivery rose 3% to USD1,950 per ounce. Palladium futures for June delivery increased 1% to USD1,442 per ounce. (me/t) Auto-translated by third-party software This translation was auto-generated by third-party software. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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