Global oil prices rise as gold declines

WORLD, March 12 (YPA) -Gold prices edged lower on Thursday, pressured by a firmer dollar, while higher oil prices renewed inflation worries and dampened hopes for near-term interest rate cuts.

According to Bloomberg, spot gold fell 0.2% to $5,165.73 per ounce, while US gold futures for April delivery declined 0.2% to $5,171.40.

The US dollar index rose 0.2%, making dollar-denominated commodities such as gold more expensive for holders of other currencies.

Among other precious metals, spot silver was steady at $85.82 per ounce, while platinum rose 0.3% to $2,175.32. Palladium also gained 0.6%, reaching $1,646.17 per ounce.

Meanwhile, oil prices surged after Iraqi security officials reported that Iranian boats carrying explosives struck two fuel tankers, adding to disruptions in global supply.

As a result, Brent crude futures climbed $5.69, or 6.19%, to $97.67 per barrel, while US West Texas Intermediate (WTI) crude rose $5.11, or 5.86%, to $92.36 per barrel.

@E.Y.M