Cairo: Gold prices were under pressure on Tuesday as oil prices went higher: Spot gold fell 1% to $4,685.99 per ounce. US gold futures for June delivery lost 0.7% to $4,693.90. Spot silver fell 2.4% to $84.06 after hitting a two-month high earlier.
According to Emirates News Agency, international benchmark Brent crude futures for July gained 3.4% to close at $107.77 a barrel. US West Texas Intermediate futures for June rose 4.2% to settle at $102.18 per barrel.
The rise in oil prices contributed to the downward pressure on gold, typically seen as a safe haven investment, as investors adjusted their portfolios in response to changing market dynamics. The increase in oil prices reflects concerns over supply disruptions and potential increased demand in global markets. Gold and silver, on the other hand, saw declines amid the shifting economic landscape influenced by the energy sector.
