Commodities
Gold Prices Rally on Falling Oil Prices and Weaker Dollar
Gold prices rose more than 1% on July 27 as easing inflation concerns and falling crude oil prices boosted demand for the precious metal. Spot gold prices jumped 1.4% to trade at $4,108.44 per ounce.
The decline in Brent crude futures was a key factor behind the rise in gold prices. The price of Brent crude fell nearly 4% to $88.03 per barrel after a reduction in geopolitical risk premium following signs of de-escalation in the US-Iran conflict.
A weaker US dollar also supported gold prices, making gold cheaper for buyers holding other currencies and increasing demand for the precious metal in international markets.