Oil prices rise further as gold prices hold steady globally

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Oil prices trend higher while gold prices remain stable amid cautious global trading sentiment and mixed signals from commodities markets.

CAPITALS: Oil prices continued their upward momentum on Wednesday, extending gains from earlier sessions as market sentiment remained cautiously optimistic. The steady climb in oil prices reflects ongoing supply concerns and resilient global demand, supporting prices near recent highs.

Brent crude futures for June delivery rose by $0.52 to reach $111.78 per barrel in early trading. The more active July contract also recorded gains, rising 0.4 percent to $104.84 per barrel. Meanwhile, US West Texas Intermediate crude for June delivery increased by $0.57, reaching $100.50 per barrel. Analysts note that oil prices are being supported by tightening supply conditions and steady consumption patterns across key markets.

UAE gold rates, 29 April 2026:

• 24K: AED 551.75/g
• 22K: AED 510.75/g
• 21K: AED 489.75/g
• 18K: AED 419.75/g
• 14K: AED 327.50/g

These UAE rates are provided by Dubai Gold & Jewellery Group

In contrast, gold prices showed limited movement during volatile trading. Spot gold edged up by 0.1 percent to $4,597.07 per ounce after falling to its lowest level since early April in the previous session. US gold futures for June delivery remained largely unchanged at $4,610.20 per ounce. Despite market fluctuations, gold prices continue to hold steady as investors weigh inflation risks and global economic signals.

Among other precious metals, silver recorded gains of 0.8 percent to reach $73.64 per ounce, reflecting stronger investor interest. However, platinum declined by 0.4 percent to $1,930, while palladium also dropped by 0.4 percent to $1,453.91 per ounce.

Overall, oil prices and gold prices remain key indicators for global markets, with investors closely monitoring economic data and geopolitical developments for further direction.

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