Decline in Oil Prices and Rise in Gold Prices Globally

SadaNews Economy - Oil prices fell at the beginning of trading this Friday, but are on track for weekly gains amid exchanged strikes between the United States and Iran.

Brent crude futures fell by (6) cents, a decrease of (0.08%), reaching (76.24) dollars per barrel, while West Texas Intermediate crude fell by (0.06%), equivalent to (4) cents, recording (72.04) dollars.

On a weekly basis, Brent crude is headed for a gain of (6%) and U.S. crude (5%).

Additionally, gold prices rose more than one percent last Thursday evening, as investors flocked to buy in order to seize opportunities after the precious metal dropped to its lowest level in a week.

Gold rose in spot transactions by 1.3% to 4130.58 dollars an ounce, after having fallen Wednesday to its lowest levels since the beginning of July.

Moreover, U.S. gold futures for August delivery increased by 1.4% to 4140.80 dollars an ounce.

As for other precious metals, silver rose in spot transactions by 3.4% to 60.25 dollars an ounce, while platinum saw an increase of 2.3% to 1615.25 dollars, and palladium rose by 3.3% to 1253.25 dollars.