Gold Prices Bounce Back as Oil Rally Fades

Precious metals rebounded on Thursday as the recent oil price rally lost momentum, easing concerns over energy-driven inflationary pressures.

Gold climbed 1.1% to $4,308.80 per ounce, recovering from losses recorded in the previous session.

Silver gained 1.2% to $63.97 per ounce, with its price up almost 53% from a year earlier, compared to gold's annual gain of over 18%.

The recovery came after reports that Saudi Arabia was seeking to restore around half of the capacity of its East-West oil pipeline within days and return the route to full operation within six weeks, helping cool crude prices.