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Oil Market Recalibration: Gold Declines and Dollar Waits for Inflation Data

Oil Market Recalibration: Gold Declines and Dollar Waits for Inflation Data

Global markets today were affected by geopolitical risks in the Gulf, especially with the escalation of tensions between the United States and Iran. This led to a decline in oil prices after their recent surge, which reached approximately 11% during the week. Brent crude prices fell to $84.51 per barrel, and West Texas Intermediate dropped to $79.37. Gold also decreased by 0.9%, reaching $4,024.60 per ounce, while other precious metals such as silver, platinum, and palladium declined. Markets remained highly cautious amid ongoing military tensions. The chances of a U.S. interest rate hike increased to around 73% by December, despite reducing the likelihood of an increase in July to about 10%. The dollar remained stable at 100.48 points, while the euro and British pound retained their gains. Meanwhile, cryptocurrencies showed mixed fortunes amid a reduced appetite for risk.

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