Gold rises as U.S. data awaited, oil falls after inventory increase.

Arab Sea Newspaper - Follow-ups:

Gold prices rose on Wednesday as investors awaited the release of the minutes from the Federal Reserve's latest meeting and the US jobs report, while oil prices fell amid high US crude inventory data. Spot gold rose 1.26% to $4,118.21 an ounce, while US gold futures for December delivery increased 1.16% to the same price. Tim Waterer, chief market analyst at KCM Trade, said that the rise in the dollar and uncertainty about the timing of the next interest rate cut limited gold's gains, but tensions in the markets boosted its appeal as a safe haven. The dollar index rose 0.1% against major currencies, increasing the cost of gold for non-American investors. As for other precious metals, silver rose 3.05% to $52.25, platinum 2.44% to $1,569.8, and palladium 2.28% to $1,430 an ounce. Oil prices fell after data from the American Petroleum Institute showed crude inventories rose by 4.45 million barrels for the week ending November 14, along with an increase in gasoline and diesel inventories, raising concerns about a supply glut. Brent crude fell 0.66% to $64.46 a barrel, and US West Texas Intermediate crude fell 0.56% to $60.40 a barrel, although sanctions on Russian oil companies such as Rosneft and Lukoil may limit the impact of the increase on prices in the future. Investors are awaiting the release of official US oil inventory data later today, while markets continue to assess the impact of US sanctions on Russian oil exports.