Oil Prices Plummet, Gold Holds Firm Amid Inflation Uncertainty

Oil prices plummeted by over 3% on Tuesday, reaching their lowest level in a week. Brent crude futures dropped $3.59 to settle at $88.58 per barrel, while U.S. West Texas Intermediate (WTI) crude futures fell $2.65 to settle at $82.36 per barrel.

Meanwhile, gold prices remained relatively steady, with investors awaiting U.S. inflation data for clues about future interest rates. Despite this, U.S. gold futures rose 0.3% to $4,709.20, while the spot price held firm at $4,652.39 per ounce.