5/19/2025–|Last update: 12:27 (Mecca time)
Gold prices rose today, Monday, with the dollar declining and renewed trade tensions in the wake of the US Treasury Secretary reaffirming the threats of President Donald Trump about customs duties, while oil prices fell affected by the reduction of Moody’s sovereign credit rating agency and official data that showed the slowdown of industrial output and retail sales in China.
gold
Gold increased in instant transactions 1% to $ 3236.63 an ounce, in the latest transactions, and American gold futures rose 1.65% to 3239.80 dollars.
Gold had decreased by more than 2% on Friday and recorded its worst week since last November, amid the increasing demand for risk against the backdrop of the trade agreement between the United States and China.
The dollar index fell 0.7% today, Monday, making the gold in dollars cheaper for foreign currency holders.
“Reducing Moody’s credit rating of the United States and the owner’s reaction by the market to refrain from risk, some momentum returned to the price of gold,” said Tim Water, chief market analyst at K.M. Tim Water.
US Treasury Secretary Scott Besent said in television interviews on Sunday that Trump would impose customs duties at the rate that he threatened last month on commercial partners who are not negotiating with good faith.
Gold is a hedging tool of economic and geopolitical turmoil and is frequent in light of the low interest rates.
The performance of other precious metals came as follows:
- Silver in instant transactions increased 0.7% to $ 32.50 an ounce.
- Platinum rose 0.46% to 995.85 dollars.
- Palladium increased 0.7% to 971.32 dollars.
Oil
Oil prices fell affected by the reduction of Moody’s sovereign credit rating agency and official statements that have shown the slowdown of industrial product and retail sales in China.
Brent crude futures decreased 0.73% to $ 64.94 a barrel, in the latest transactions and US Middle West Intermediate Futures Futures 0.67% decreased to $ 62.07.
Both of the two years rose by more than 1% last week after the United States and China, the two largest economies and oil consumers in the world, agreed to calm the trade war between them for 90 days, during which customs duties will significantly reduce.
Briana Sashdiva, chief market analyst at Philip Nova, said that the reduction of Moody’s rating raises questions about the prospects for the American economy and China’s data indicates that any economic recovery will face major challenges.
Moody’s reduced the credit rating of the United States on Friday due to the growing debts of the country of $ 36 trillion, a move that might hold President Donald Trump’s efforts to reduce taxes.
Meanwhile, the official data in China, the largest importer of crude oil in the world, showed the slowdown in the growth of industrial product in April, although it is still better than the expectations of economists.
The state of fog about the results of nuclear talks between America and Iran contributed to the stability of oil prices.
The US special envoy Steve Witkev said on Sunday that any agreement between the United States and Iran should include not enriching uranium, a statement that quickly caused criticism from Tehran.
“Huge hopes are held on these talks,” said Tony Sikammour, a market analyst at IG.
He added, “From a realistic point of view, it is not likely that Iran voluntarily agrees to peacefully abandon its nuclear ambitions, which has repeatedly confirmed that it is not negotiable. Moreover, after the collapse of its agents who in the past, they formed a barrier between it and Israel.”
In Europe, tension between Estonia and Russia has escalated after Moscow detained an oil tanker owned by a Greek company on Sunday after it left a port in Estonia on the Baltic Sea.
In the United States, producers reduced the number of oil platforms operating by one platform to 473 last week, the lowest level since January.
Source : Reuters + CNBC + Websites
