Washington, May 24 (SANA) Gold prices edged lower Sunday while global oil markets remained volatile amid geopolitical tensions, rising production activity and shifting trade flows.
Gold traded near $4,508 per ounce amid persistent inflation concerns and ongoing tensions in the Middle East. Analysts said the precious metal was moving within a narrow consolidation range after reaching record highs earlier this month.
Analysts added that the longer-term outlook for gold remained positive despite temporary corrections.
Oil prices climbed sharply amid mounting geopolitical tensions and concerns over global supply disruptions.
In the United States, oil companies including Diamondback Energy and Continental Resources increased drilling and production activity in the Permian Basin, the world’s largest oil-producing region.
The increase in output came after U.S. President Donald Trump called on domestic producers to raise production amid tightening global supply conditions.
Trump previously announced that a preliminary agreement had been reached with Iran to ease tensions in the Middle East, including provisions related to reopening the Strait of Hormuz.
Meanwhile, South Korea’s crude oil imports from the Middle East fell more than 37% year-on-year last month, according to data released by the Korea International Trade Association.
Total crude oil imports declined 22.8% to around 8.46 million tons, while imports from the United States rose 13.4% to approximately 2.145 million tons.
R.H/Abd
