Gold and Silver Extend Weekly Losses as Crude Surges
Precious metals extended their weekly losses as crude oil prices pushed above $116 amid tensions in the Strait of Hormuz.
Gold and silver extended their weekly losses as crude oil prices climbed above $116 per barrel, according to a report published by Kitco. The rally in crude prices was driven by escalating tensions around the Strait of Hormuz, weighing heavily on precious metals sentiment across global markets.
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The ongoing geopolitical strain in the Middle East fueled broad commodity market shifts, pushing energy costs higher while gold and silver faced sustained downward pressure throughout the week.
Key facts
- Gold and silver extended their weekly losses according to the Kitco PM Report.
- Crude oil prices pushed above $116 per barrel.
- The surge in crude was driven by tensions in the Strait of Hormuz.
Source: news.google.com
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