Washington, Feb. 23 (SANA) Oil prices declined Monday amid concerns about slowing global growth and ongoing debate over US tariffs, while gold rose to its highest level in weeks as the US dollar weakened.
According to CNBC, Brent crude futures declined 1.05% to $71.02 a barrel, while U.S. West Texas Intermediate crude fell 1.13% to $65.72.
Spot gold rose 1.09% to $5,158.87 an ounce, its highest level in more than three weeks. U.S. gold futures for April delivery gained 1.9% to $5,178.30.
Other precious metals also advanced. Silver jumped 3.06% to $87.10 an ounce, the highest in over two weeks, while platinum added 1.2% to $2,182.60 and palladium edged up 0.5% to $1,753.75.
CNBC said the dollar weakened after traders reacted to a U.S. Supreme Court ruling that struck down much of the tariffs imposed by President Donald Trump, a move seen as supportive of global growth. However, lingering uncertainty and risks of conflict in the Middle East capped gains.
Trump announced two days ago an increase in global tariffs from 10% to 15%, effective immediately, a day after the court ruling invalidated a large portion of the measures
