03 Aug , 2026 By : Debdeep Gupta
Commodity markets traded mixed on August 3, with crude oil prices plunging more than 4?ter US President Donald Trump delayed a fresh strike on Iran, while gold and other precious metals advanced on safe-haven demand.
Oil prices tumbled $4 a barrel on Monday after U.S. President Donald Trump held off on a fresh attack on Iran, seeking to reach a quick deal that would halt Tehran's nuclear ambitions and reopen the Strait of Hormuz.
Brent crude futures slid $4.08, or 4.64%, to $83.85 while U.S. West Texas Intermediate crude was at $80.66 a barrel, down $4.01, or 4.74%.
Both contracts jumped more than 20% last month after fighting between the U.S. and Iran resumed and as attacks on several tankers around Oman heightened security concerns, deterring shippers from entering the Gulf to load oil.
Gold rose on Monday as oil prices tumbled after U.S. President Donald Trump held off on a fresh attack on Iran in hopes of a swift deal, slightly easing concerns about inflation and higher interest rates.
Spot gold was up 0.7% at $4,067.06 per ounce, as of 0023 GMT. U.S. gold futures rose 0.9% to $4,065.60.
In the other precious melas, the Silver gained 0.9% to $58.10 an ounce. Platinum and palladium also advanced.
In the currency market, the dollar suddenly dropped against the yen on Monday, reversing gains made earlier in the session, keeping traders on alert for further intervention by authorities to shore up the Japanese currency.
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