Gold prices continued their descent on Tuesday, driven by improved risk appetite that dampened its safe-haven appeal. Geopolitical tensions had recently pushed gold to record highs, but a long-overdue correction has set in, challenging its underlying demand. Silver is also undergoing a significant correction, amplified by its failure to break above $30 per ounce. Despite these setbacks, geopolitical risks and strong retail demand in China remain positive factors for gold.
Oil prices exhibited mixed movements as traders awaited economic data. Brent Crude futures rose slightly, while U.S. crude declined. Venezuela’s PDVSA plans to increase digital currency usage in oil exports to counter U.S. sanctions.
This news provides insights into the recent fluctuations in commodity prices, including energy, metals, and agriculture, offering valuable information for investors and market analysts.