PESHAWAR: The price of gold has recorded another increase in the global market, largely due to the appreciation of the US dollar and the decline in oil prices.
Spot gold prices rose 2.4 percent to $4,162.83 per ounce, a two-week high, while US gold futures rose 1 percent to $4,191.90 per ounce. Other precious metals also saw increases. Silver prices rose 2 percent to $60.70 per ounce, platinum rose 1 percent to $1,751.03, while palladium remained at $1,360.25 per ounce after a 0.5 percent increase.
According to Calvin Wong, senior market analyst at OANDA, “Gold’s correlation with oil continues to be strong as oil prices have a significant impact on the global economy and inflationary pressures. He said that if there is a clear path to further easing in the ongoing tensions in the Middle East, gold prices could rise further. On the other hand, oil prices also saw a further decline, continuing after a sharp decline in the past two sessions. Weak oil prices could reduce inflation concerns, which usually affect the prospects of interest rate hikes.
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