Oil prices fell over 4% following Israel's limited military action against Iran, which is not expected to disrupt oil supplies. Analysts predict Brent crude will struggle to reach $80 per barrel due to oversupply and a reduced risk premium, while market focus shifts to potential Iranian retaliation and ongoing ceasefire talks involving Hamas and Hezbollah.
Gold has entered a "new bullish phase," reaching a record high of $2,700 per ounce, with analysts predicting further increases to $3,000 amid rising U.S. debt and geopolitical tensions. Central bank purchases surged to 483 tonnes in early 2024, reflecting a strong demand for the precious metal as a safe-haven asset. Despite a decline in Chinese retail demand, expectations remain high, with forecasts suggesting gold could average $2,800 this quarter and $3,000 by late next year.
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