Precious Metals Rally as Oil Prices Slip

PUKMEDIA

Gold, silver, and oil prices.

Global commodity markets showed mixed signals on Friday, with traditional safe-haven assets such as gold and silver gaining ground while oil prices eased amid signs of softer demand growth.

Gold rebounded from a near one-week low, with the spot price climbing to around $4,982 per ounce as investors awaited key inflation figures that could influence central bank policy. U.S. gold futures also breached the $5,000 per ounce mark during trading, signalling renewed appetite for non-yielding assets in uncertain conditions. Meanwhile, silver jumped to approximately $77.02 per ounce, recovering after sharp losses earlier in the week but remaining on track for a weekly decline. Analysts noted that bargain buying played a role in the uptick after recent sell-offs in the metals market.  

Crude oil prices softened as geopolitical tensions eased and demand forecasts were trimmed. Brent crude was reported at roughly $67.5 per barrel, and West Texas Intermediate (WTI) hovered near $62.8 per barrel, reflecting a downturn from earlier levels in the week. The International Energy Agency’s outlook for slower global oil demand growth contributed to the downward pressure, with oversupply concerns also in focus.  

Market participants said that while gold and silver remain favoured as hedges against macroeconomic uncertainty, energy markets are still grappling with the possibility of weaker consumption growth and ample global supply.



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