New Delhi, April 14: Following the announcement of a two-week ceasefire between the U.S. and Iran, gold prices have remained stable within a limited range. In contrast, crude oil prices have experienced a significant decline of approximately 15%.
The ceasefire was declared on the morning of April 8, prompting both nations to seek diplomatic avenues to reduce tensions.
On April 7, Brent crude was priced at $109.27 per barrel. Currently, it has dropped nearly 11% to around $98 per barrel. The decline in West Texas Intermediate (WTI) crude has been even more pronounced. On April 7, WTI was at $112.95 per barrel, but a week into the ceasefire, it has fallen to $96 per barrel, marking a 15% decrease.
Meanwhile, gold has shown slight gains, trading within a limited range. Following the ceasefire, gold prices increased by 2.66%, rising to $4,810 per ounce from a previous $4,684 per ounce.
Jatin Trivedi from LKP Securities noted that profit-taking in gold occurred after the U.S. announced plans to block the Strait of Hormuz. He added that gold could fluctuate between ₹148,500 and ₹152,500.
In contrast to gold, silver prices have strengthened. On April 7, silver was priced at $72 per ounce, but it has surged over 8% to reach $78 per ounce in the past week.
Additionally, copper prices have also seen a significant increase, rising nearly 9% to $6 per pound from a previous $5.5 per pound.
My name is Narendra Jijhontiya. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
Leave a Comment