Gold and Silver Rise as Global Oil Prices Extend Decline

By Staff, Agencies

Precious metal prices opened the week higher on Monday, while international crude oil benchmarks continued their downward trajectory amid losses across energy markets.

Spot gold climbed 1.16% to $4,117.79 per ounce as of 0620 GMT, bringing its weekly gains to 4.3%, according to market data.

Silver also recorded an increase, rising 1.62% to $52.72 per ounce and extending its weekly advance to 4.14%.

Meanwhile, crude oil prices continued to retreat, with international benchmark Brent falling 1.5% to $96.84 per barrel, bringing its weekly losses to 7.43%.

US benchmark West Texas Intermediate [WTI] also declined, slipping 0.98% to $89.94 per barrel and recording a 6.59% drop over the past week.

Other energy products followed a similar trend, with heating oil edging down 0.10% to $4.33 per gallon, while gasoline prices fell 0.57% to $2.76 per gallon.

In contrast, European natural gas prices moved higher, gaining 1.03% to reach €86.48 [$96.5] per megawatt-hour. Despite the daily increase, prices remained 8.86% lower on a weekly basis.

The latest market movements reflect diverging trends across commodity markets, with gold and silver recording gains as crude oil prices continue to weaken.