Abu Dhabi [UAE], June 4: Global commodity markets experienced a reallocation of capital during early Asian trading on Thursday, as a contraction in oil prices and a weaker US dollar combined to lift gold and other precious metals.
Oil prices edged lower on Thursday morning, reversing a portion of the sharp premium recorded in the previous session. Brent crude futures declined by 67 cents, or 0.69%, to trade at $97.14 a barrel, while US West Texas Intermediate (WTI) crude futures dropped 62 cents, or 0.65%, to reach $95.40 a barrel.
This downward adjustment in energy overheads, coupled with cooling momentum in the US dollar, provided immediate support to safe-haven assets. Spot gold advanced 0.4% to reach $4,450.16 per ounce, while US gold futures for August delivery gained 0.2% to settle at $4,477.00.
The upward momentum extended across the precious metals complex, with spot silver rising 0.8% to $73.26 per ounce. Platinum edged up 0.2% to trade at $1,863.25, while palladium gained 0.5% to reach $1,307.67.
The early morning decline in crude oil benchmarks was primarily driven by widespread profit-taking following Wednesday's multi-month highs, alongside a brief pause in fresh escalation across the Arabian Gulf, which allowed the market to undergo a technical correction.
Source: Emirates News Agency
