Oil and gold markets cool after surge due to Israel-Iran conflict

(Baothanhhoa.vn) - After a 13% spike when Israel launched airstrikes on Iran on the night of June 12 and early morning of June 13, the oil and gold markets have now cooled down as there is information that discussions towards a ceasefire agreement between Israel and Iran are underway.

Specifically, the price of North Sea Brent crude oil closed on June 16 down 1 USD (1.35%) to 73.23 USD/barrel. The price of US light sweet crude oil (WTI) also fell 1.21 USD (1.66%) to 71.77 USD/barrel.

However, tensions remained as US President Donald Trump called on Tehran residents to evacuate, along with concerns about US involvement, causing oil markets to fluctuate again.

On the morning of June 17, Brent and WTI oil prices increased slightly, but remained around 73-74 USD/barrel.

Meanwhile, world gold prices also fell more than 1% in the session on June 16 as traders took profit-taking actions at an 8-week peak price.

Specifically, at the morning of June 17, Vietnam time, the spot gold price was 3,392.86 USD/ounce, down 1.2% from the peak on April 22. The US gold futures price decreased 1%, to 3,417.30 USD/ounce.

However, gold still plays a role as a safe haven asset in the context of geopolitical tensions that have not been fully resolved.

While both oil and gold have corrected, analysts warn that new developments in conflict or other geopolitical factors could cause sudden price swings. Meanwhile, markets are also turning their attention to the US Federal Reserve meeting on June 17-18, as any decision on monetary policy could impact the prices of risky assets and safe havens.

Experts say the Fed will likely keep interest rates unchanged due to significant uncertainties in the economy , from tariffs to geopolitical tensions.

Ngoc Lien (Source: AP, Reuters, The Guardian)

Source: https://baothanhhoa.vn/thi-truong-dau-va-vang-ha-nhiet-sau-dot-tang-nong-vi-xung-dot-israel-iran-252443.htm