Gold Has Increased Due to Oil Prices’ Decrease

Gold prices rose thanks to lower oil prices. Gold rose by seven dollars and ended the New York session at 1252.00 level. Brent and WTI crude oil fell by 2% during yesterday's session and remains volatile.

Brent crude oil fell by 0.20%, to $44.73 a barrel. The prices for WTI crude oil declined by 0.19%, to $42.45 per barrel.

Data from the Energy Information Administration (EIA) showed that the US oil inventories fell by 2.45 million barrels to 509.1 million barrels, or the week ending June 16. Analysts had expected a decline in oil reserves of 2.18 million barrels.