Oil Prices Rise Amid Hopes for Middle East Peace Deal, Gold Nears Weekly High

Global Commodity Markets Open on a Mixed Note

Commodity markets opened on a mixed note on May 7, as investors assessed evolving global macroeconomic cues, currency movements, and shifting demand trends across major economies.

Gold prices remained largely steady near a one-week high on Thursday, as investors stayed cautious amid awaiting further clarity on a possible peace agreement between the U.S. and Iran. Spot gold was flat at $4,688.16 per ounce after rallying nearly 3 percent in the previous session to touch its highest level since April 27. Meanwhile, U.S. gold futures for June delivery edged up 0.1 percent to $4,696.60 per ounce.

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Among other precious metals, silver surged 6.4 percent to $77.48, while platinum and palladium also traded higher.

In the energy market, oil prices rebounded in early trade on Thursday after witnessing sharp losses in the previous session, as investors assessed the likelihood of a successful Middle East peace deal. Brent crude futures rose 88 cents, or 0.9 percent, to $102.15 per barrel, while U.S. West Texas Intermediate (WTI) crude gained $1.12, or 1.2 percent, to $96.20 per barrel.

The dollar remained on the defensive as hopes for a de-escalation in the Iran-U.S. war supported oil-exposed currencies, while Tokyo resumed its verbal intervention in support of the yen, keeping speculators cautious.