Oil Prices Return to Pre-War Levels as Middle East Supply Concerns Ease
Darwin, 26 June : Global oil prices fell to their lowest levels since before the Iran conflict, as expectations of increased crude supplies from the…
Darwin, 26 June : International gold prices declined for a third consecutive day, with the precious metal now trading below the $4,000-per-ounce mark following the sustained downturn.
The sharp appreciation of the U.S. dollar and growing expectations that the Federal Reserve will raise interest rates have pushed gold prices to their lowest level in two weeks.
Global Gold Prices Continue to Decline
On Wednesday, spot gold fell 1 percent to $4,088.97 per ounce (31.103 grams), its lowest level since June 11. At the same time, U.S. gold futures for August delivery dropped 1.6 percent to $4,100.30 per ounce.
According to market analysts, if the current downward trend continues and gold falls below the key $4,000-per-ounce support level, prices could decline rapidly to $3,800 or even $3,500 per ounce. Such a correction could bring the recent surge in gold prices back to more normal levels.
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