Gold prices rose on Tuesday while energy markets fell, as investors responded to signs of progress towards a possible Iran agreement and a halt in attacks between Iran and Israel.
The move showed a clear split across commodity markets. Investors continued to buy precious metals, while oil, gas and heating oil prices moved lower as expectations of energy supply disruption eased.
Gold rose 0.6% to $4,340 per ounce at 0610GMT. Silver gained 0.4% to $68.4 per ounce. Platinum increased 0.3% to $1,759.88, while palladium climbed 1.7% to $1,225.74.
Energy prices moved in the opposite direction. Brent crude fell 1.2% to $93.2 per barrel, while US benchmark West Texas Intermediate dropped 1.5% to $89.9 per barrel. European natural gas also weakened, with the TTF Gas index down 1% to €49.9 per megawatt-hour. Heating oil slipped 0.5% to $3.5 per gallon.
The market reaction followed optimism that negotiations between the United States and Iran could lead to an agreement within days. Iran and Israel were also reported to have agreed to halt attacks.
The figures point to a fast response in local markets when international prices turn higher.
KEFI Gold and Copper plc (LON:KEFI) is an exploration and development company focused on gold and copper deposits in the highly prospective Arabian-Nubian Shield. The Company operates in Ethiopia and Saudi Arabia with projects including Tulu Kapi project, Jibal Qutman EL and Hawiah.
