Gold and oil rise with the increase in demand due to the recent declines economy

Gold prices increased by more than 1% on Thursday, amid the demand for purchase, which stimulates the low prices, a day after the metal reached the lowest level in a week amid optimism about the trade agreement between the United States and China.

Gold rose in instant transactions 1.3% to $ 3330.28 an ounce in the latest transactions, and US gold futures rose 1.45% to $ 3341.80.

Gold, which did not generate return but used a hedge tool in times of global turmoil, had reached the highest level ever at $ 3500.05 on Tuesday, but it fell below the level of $ 3,300 the next day.

“The volatility we are witnessing this week is driven by technical indicators and the risks indicated by news reports. But the basic factors are strong, so the purchase when the price drops actually depends on the movement of investors based on the largest image,” said Capital Com, Kyle Roda.

US Treasury Secretary Scott Besent said on Wednesday that excessive customs duties between the United States and China are not sustainable, and it can be reduced before the start of commercial negotiations, but he stressed that President Donald Trump will not reduce customs duties on Chinese imports unilaterally.

Meanwhile, a report stated that Trump is planning to exempt car manufacturers from some customs duties, after extensive pressure from the sector’s executives in the past few weeks.

The dollar fell 0.6% against other major currencies, making the dollar to be cheaper for other currencies.

As for other precious metals, its performance was as follows:

• Silver in immediate transactions fell 0.66% to $ 33.35 an ounce.
• Platinum rose 0.18% to 977.27 dollars.
• Palladium rose 0.73% to 944.68 dollars.

Oil

Oil prices increased after they decreased by about 2% in the previous session, as investors are assessing the impact of a possible increase in OPEC Plus, in light of the conflict of signatures on customs duties from the White House and the ongoing nuclear conversations between the United States and Iran.

Brent crude futures rose 0.71% to $ 66.59 a barrel, in the latest transactions, and US West Texas Intermediate crude increased 0.90% to $ 62.83 a barrel.

Prices fell 2% in the previous session after Reuters reported, citing 3 well -informed sources that a number of OPEC Plus will suggest that the group accelerate the frequency of increasing oil production for the second month in a row in June.

And if the commitment to the production class was previously disputed between the members.

Prices received some support from indications that the United States and China may come close to the conclusion of commercial talks.

Wall Street Journal reported that the White House is ready to reduce customs duties on China to 50% to open the door for negotiations.

US Treasury Secretary Scott Besent said on Wednesday that the current customs duties are not sustainable, and it can be reduced before the start of trade talks between the two sides, but it did not specify a number. However, White House spokeswoman Caroline Levit said in an interview with Fox News on Wednesday that there would be no unilateral reduction of customs duties on Chinese goods.

Analysts at Restad Energy said that the continuation of the trade war between the United States and China may reduce the growth of Chinese demand for oil to half this year, to reach 90 thousand barrels per day from 180 thousand barrels per day.

The Financial Times reported on Wednesday that Trump is studying customs exemptions on auto parts from China.

The United States and Iran are scheduled to hold a third round of talks at the beginning of the week regarding a possible agreement to re -restriction on Tehran to enrich uranium, which may cause pressure on oil prices. The market is monitoring the talks in search of any indication that the American -Iranian rapprochement may lead to the reduction of sanctions on Iranian oil and the increase of supply.

But on Tuesday, the United States imposed new sanctions on the Iranian energy sector, which was described by the Iranian Foreign Ministry spokesman as “lack of goodwill and seriousness” regarding dialogue with Tehran.