Crude oil prices fell on Tuesday, dropping to $94.34 a barrel, down 0.65 per cent from the previous day’s close of $95.44 in early trade. Due to rising uncertainty over a possible Iran-US peace deal, crude oil prices had surged above $97 a barrel earlier this week amid fears of renewed escalations in the Middle East.
Similarly, the US-based WTI crude oil prices were also trading 0.59 per cent lower at $91.61 per barrel as of 9:42 am (IST) on June 2, compared with $92.16 per barrel, according to exchange data.
In the United States, gold prices on the New York Mercantile Exchange-based COMEX fell by 0.8 per cent to $4,502.60 per ounce on Monday evening, compared to $4,506.30 per ounce at the previous close.
Gold prices have been trading lower for the past two weeks, especially after demand declined due to austerity measures announced by various countries.
Additionally, demand for the US dollar and treasury bonds has surged to unprecedented levels since the war in Iran broke out.
Traders see less potential in precious metals like gold when the US dollar strengthens, as it leads to higher prices for a lesser quantity.
According to the latest data, the US Dollar Spot Index (DXY) showed that the greenback was trading 0.01 per cent higher at 99.213 as of 10:05 pm (ET) on Monday evening in the US, compared to the previous market close.
Also read: West Asia tensions: Sensex, Nifty fall for 4th day
Follow us
