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Oil prices fall easing inflation concerns
Gold prices have risen to their highest level since mid-June, surpassing $4,100 per ounce. This followed a halt in hostilities between the United States and Iran, which reduced the risks to oil supply and helped stabilize the prices of the precious metal. The increase is attributed to the resumption of talks between the two countries regarding shipping movements through the Strait of Hormuz and a halt to military escalation, leading to a more than 7% drop in oil prices to near $90 per barrel. Additionally, there are growing expectations that US interest rates will be raised due to inflation pressures. Gold remains under pressure due to the shrinking incentives for safe-haven assets, while markets await a permanent solution to the crisis. If tensions persist, gold prices are expected to stay within the range of $4,000 to $4,200.
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