Diplomatic efforts to ease tensions in the Middle East led to a 3% drop in oil prices to a one week low The weak US dollar supports gold prices, focusing on the situation in the Middle East and PMI data from Europe and America

Diplomatic efforts to ease tensions in the Middle East led to a 3% drop in oil prices to a one week low

The weak US dollar supports gold prices, focusing on the situation in the Middle East and PMI data from Europe and America

On Monday (October 23rd), amidst political crisis and economic concerns, the US dollar weakened and led to an increase in gold prices. However, analysts warn that gold prices are currently in a technical stretch state and may face a risk of a pullback. On this trading day, October PMI data from European and American countries will be released, and investors need to pay close attention. In addition, they still need to pay attention to relevant news on the situation in the Middle East.

With diplomatic efforts to ease tensions in the Middle East, crude oil prices have declined, and potential supply restrictions caused by the Israeli-Palestinian conflict are easing. Investors showed optimism on Monday, with crude oil prices falling nearly 3%.

The settlement price of West Texas Intermediate Crude Oil (WTI) for December delivery in New York trading was $85.49 per barrel, down $2.59 per barrel, or 2.94%. The lowest point in the session was $85.35 per barrel, a new low in the past week. WTI rose 2% last week, compared to a gain of approximately 6% the previous week.