Critical wait in the markets: Oil rises, gold declines

The fluctuations in the oil market caused by the conflicts in the Middle East have pulled global gold prices downward. Gold, which began Wednesday with a negative trend, has drawn investor attention due to the impact of inflation concerns and expectations regarding long-term high interest rate policies from central banks.

Spot gold declined to 4,476.50 dollars per ounce, while US gold futures for August delivery fell to 4,504.40 dollars. Thus, gold recorded a decrease of 0.2 percent and 0.3 percent, respectively, compared to the previous day.

According to statements from the US, it was reported that missile attacks launched by Iran against certain countries in the region were either intercepted or failed to reach their targets. Despite these developments, no significant progress has yet been made in diplomatic contacts between Washington and Tehran.

US Secretary of State Marco Rubio emphasized that "Trump’s negotiating team has not offered Iran any sanctions relief in exchange for the reopening of the Strait of Hormuz" and that any potential easing of sanctions is contingent upon Iran ending its nuclear program.

In the oil market, price increases exceeding 1 percent in the morning hours heightened concerns regarding global inflation and interest rate expectations. Cleveland Fed President Beth Hammack warned that if inflationary pressures persist, the US Federal Reserve could move toward a rate hike in the near future.

Investors have now turned their eyes to current economic data. In particular, the ADP private sector employment data expected to be released today and the non-farm payrolls report to be announced on Friday are expected to contain signals regarding the direction of the Fed's monetary policy.

Switzerland's gold exports in April recorded a 20 percent decline compared to the previous month. The decrease in shipments to the UK and China could not be offset by the increase in shipments directed to India and Hong Kong.

India, as the world's largest consumer of silver, has implemented new restrictions on silver imports. A requirement for prior authorization has been introduced for the import of granular and powder forms. With this move, the country aims to reduce pressure on its exchange rate and bring imports under tighter control.

In the other precious metals market, the price of silver fell by 0.5 percent to 74.73 dollars per ounce, while platinum dropped 0.2 percent to 1,932.25 dollars, and palladium lost 0.3 percent in value to fall to 1,365.25 dollars.

News Source: 12punto