Commodities Analysis by Investing.com (Barani Krishnan) covering: XAU/USD, Gold Futures, Brent Oil Futures, Crude Oil WTI Futures. Read Investing.com (Barani Krishnan)'s latest article on Investing.com
Brent crude and the spot price of gold have seen significant fluctuations due to the ongoing conflict, with market sentiments shifting in response to diplomatic initiativescould see sharp price swings this week as the United States and other world powers try to slow the war in the Middle East to bring in humanitarian aid and negotiate the release of Israeli prisoners from Palestinian hold, even as Jerusalem vows to continue its mission of dislodging Hamas from Gaza.
New York-traded West Texas Intermediate, or WTI, crude, also slated for December delivery, was at $87.01, down $1.07, or 1.2%. WTI rose 2% last week, adding to the prior week’s gain of around 6%. The spot price of gold was at $1,975.64 an ounce at the time of writing, was down $6.00, or 0.3%. Last week, spot gold reached a session high of $1,997.20, coming within striking distance of the much-watched $2,000 level.“The recent three weeks of rally seen in spot gold has been driven by geopolitical risk premium and positive momentum.
Also, the almost daily saber-rattling against Israel by avowed Hamas supporter and fifth largest oil producer Iran — and concerns of reprisals against Tehran by the Israelis and their main ally, the United States — has added to concerns that something untoward might happen soon .Yet, some oil traders see the conflict for what it is — a major political event without doubt, but not one that has shown any demonstrable risk so far to the crude trade.
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