Gold prices in the international market dropped on Friday, while oil prices witnessed a surge.
As per media reports, spot gold fell 1 per cent to $3,292.19 per ounce as of 0402 GMT, bringing its weekly decline to 2.2 per cent.
Spot silver fell 0.7 per cent to $36.38 per ounce. Platinum declined 2.2 per cent to $1,386.75 after touching its highest level in nearly 11 years, while palladium rose 0.9 per cent to $1,142.49, its highest since October 2024.
On the other hand, Brent crude futures rose 34 cents, or 0.5 per cent, to $68.07 a barrel by 0111 GMT, while US West Texas Intermediate (WTI) crude climbed 33 cents, or 0.51 per cent, to $65.57.
Oil prices fell earlier in the week after US President Donald Trump announced a ceasefire agreement between Iran and Israel, easing fears of further geopolitical instability in the region. On Tuesday, oil futures touched their lowest levels in over a week following the announcement.
However, prices edged higher on Thursday after US government data showed a drop in crude and fuel inventories, alongside an uptick in refining activity and fuel consumption.
