Oil prices continued their upward momentum on Wednesday, extending gains from recent sessions as supply concerns and geopolitical uncertainty supported the market, while gold prices remained largely stable amid cautious trading.
Brent crude futures for June delivery rose $0.52, or 0.47 percent, to $111.78 per barrel, with the more active July contract trading at $104.84, up 0.4 percent. West Texas Intermediate crude for June delivery also gained $0.57, or 0.57 percent, to reach $100.50 per barrel.
The continued rally in oil reflects tightening supply conditions and sustained geopolitical risks, which have kept prices elevated above key psychological levels. The market remains sensitive to disruptions in global supply chains, particularly around major energy transit routes.
In contrast, gold prices showed limited movement, holding steady with a slight upward bias. Spot gold rose 0.1 percent to $4,597.07 per ounce, recovering marginally after falling to its lowest level since early April in the previous session. US gold futures for June delivery were largely unchanged at $4,610.20.
Other precious metals displayed mixed performance. Silver advanced 0.8 percent to $73.64 per ounce, while platinum slipped 0.4 percent to $1,930, and palladium declined 0.4 percent to $1,453.91.
The divergence between oil and gold highlights contrasting market drivers: energy markets react strongly to supply-side risks, while precious metals remain range-bound as investors weigh inflation expectations, interest rate outlooks, and broader macroeconomic uncertainty.
With inputs from WAM
