Affected by the ongoing conflict in the Middle East, international crude oil prices have continued to rise, with London Brent crude futures surging by more than 4% at one point during trading. In contrast, international gold and silver prices extended their downward trend from last week. On the 27th, June gold futures on the New York Mercantile Exchange fell below $4,700 per ounce, down over 1%, while May silver futures once dropped below $75 per ounce, with a decline of more than 2%.
As of the close on the 27th, light crude oil futures for June delivery on the New York Mercantile Exchange rose by $1.97 to settle at $96.37 per barrel, a gain of 2.09%. London Brent crude futures for June delivery climbed $2.90 to close at $108.23 per barrel, up 2.75%.
At present, negotiations between the United States and Iran have reached an impasse, and shipping traffic in the Strait of Hormuz remains disrupted, heightening market concerns over sustained inflationary pressures. Meanwhile, international oil prices stay at elevated levels, dealing a severe blow to global energy supply. In its latest report, Goldman Sachs raised its average price forecast for Brent crude futures in the fourth quarter of this year from $80 to $90 per barrel, and revised the average forecast for New York crude oil futures upward from $75 to $83 per barrel.
Market expectations suggest that central banks of the United States and the Group of Seven will keep interest rates unchanged or even further tighten monetary policies at their respective monetary policy meetings scheduled for this week, which will weigh on gold prices.
