Abu dhabi: Gold prices extended gains on Thursday, benefiting from lower oil prices. Spot gold rose 0.8 percent to $4,063.56 per ounce, after reaching as much as $4,114.99 per ounce on Wednesday, marking its highest level since June 23.
According to Emirates News Agency, US gold futures for August delivery inched 0.2 percent lower to $4,075.60. The upward trend in gold prices was complemented by a rise in other precious metals. Spot silver increased by 1 percent to $59.76 per ounce. Meanwhile, platinum recorded a gain of 0.4 percent to $1,583.05, and palladium added 1.1 percent to reach $1,223.80.
The increase in gold and other precious metal prices reflects market responses to fluctuations in oil prices, highlighting the ongoing interplay between commodities in global markets.
