Gold Plunges Below USD3,900 as Oil Surges
(MENAFN) Gold slid under the $3,900 mark on Friday, with elevated global energy prices weighing on the precious metal.
Spot gold changed hands at $3,880 per ounce at 1750GMT, a 3.5% drop on the day. The metal has now shed 7.14% over the past month and 10.19% over the past year.
Silver fared worse, tumbling 6% to $49 per ounce and deepening its year-on-year decline to 31.1%.
Energy markets moved in the opposite direction. Brent crude futures climbed 2.7% to $113.7 per barrel, after spiking above $117 earlier this week to touch their highest level since July.
European natural gas prices stood at €103.5 ($115.4) per megawatt-hour, hovering near their highest level since late 2022.
Spot gold changed hands at $3,880 per ounce at 1750GMT, a 3.5% drop on the day. The metal has now shed 7.14% over the past month and 10.19% over the past year.
Silver fared worse, tumbling 6% to $49 per ounce and deepening its year-on-year decline to 31.1%.
Energy markets moved in the opposite direction. Brent crude futures climbed 2.7% to $113.7 per barrel, after spiking above $117 earlier this week to touch their highest level since July.
European natural gas prices stood at €103.5 ($115.4) per megawatt-hour, hovering near their highest level since late 2022.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Comments
No comment