Oil prices are likely to decline next week, while gold prices may rise. This is because the US and Iran are getting closer to a deal. Reports say that the US and Iran are almost done negotiating a deal to end the war in the Middle East. This comes after President Trump said that a plan to open the blocked Strait of Hormuz had been “largely negotiated.
Any political or economic deal between the two sides would directly affect the prices of oil, gold, and silver. This would happen not only because of supply and demand, but also because of changes in the way people around the world feel about risk and the drop in international risk premiums. Rania Gule, senior market analyst for MENA at x.com, said, “As investors react quickly to the agreement, there may be noticeable price gaps at the start of Monday’s trading session. However, prices will gradually return to more balanced levels as markets digest its actual details and figure out how it will really affect global financial markets.
Brent On Friday, Brent crude oil finished the week at $103.5 and WTI at $96.6. Gold priced at $4,509.64 an ounce at the end of the weekend. 24K gold was worth Dh543.25 per gram in the UAE, and 22K gold was worth Dh503.25 per gram. Over the weekend, an ounce of silver was worth $75.51 (Dh277.37).
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