Middle East conflict drives up international oil prices, precious metal prices fall
Xinhua News Agency, New York, April 27 (Reporter: Xu Jing) - International crude oil prices have continued to rise amid the ongoing Middle East conflict, with London Brent crude oil futures surging over 4% during trading. International gold and silver prices, however, have extended last week’s decline. On April 27, June gold futures on the New York Mercantile Exchange fell below $4,700 per ounce, down more than 1%; May silver futures once fell below $75 per ounce, dropping over 2%.
By the close of trading on the 27th, June light crude oil futures on the New York Mercantile Exchange had risen by $1.97 to settle at $96.37 per barrel, an increase of 2.09%; June Brent crude oil futures in London rose by $2.90 to close at $108.23 per barrel, a gain of 2.75%.
Currently, US-Iran negotiations remain deadlocked, and passage through the Strait of Hormuz is still obstructed, fueling market concerns over persistent inflationary pressure. Meanwhile, with international oil prices staying high, the global energy supply is facing a massive shock. In its latest report, Goldman Sachs raised its forecast for the average price of Brent crude oil futures in Q4 this year from $80 per barrel to $90, and its average forecast for New York crude oil futures from $75 to $83 per barrel.
The market expects the US and G7 central banks to keep interest rates unchanged or even further tighten monetary policy at the monetary policy meetings scheduled for this week, which will put pressure on gold prices.
Editor: Zhu Henan
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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