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​​Gold price at new record while WTI crude price slumps​

The price of gold has made new highs, but crude oil prices are under pressure after a slump yesterday.

Gold Source: Adobe images
Commodities Gold WTI Petroleum Oil Price of oil

Written by

Chris Beauchamp

Chris Beauchamp

Chief Market Analyst

Article publication date:

​​​Gold

​Tuesday saw fresh highs for spot gold, maintaining the uptrend of recent weeks. There has been little sign of any reversal in the price, which has shrugged off all intraday weakness to keep making new record highs. In the short-term, the previous peak at $2950.00 may provide support in the event of a drop.

Spot gold chart Source: IG
Spot gold chart Source: IG

​WTI

​Oil prices suffered a reversal on Tuesday, with WTI crude oil retreating from $68.00. Further losses target the recent lows at $65.00, which were previous support back in September, and in the first half of 2023.

WTI crude oil chart Source: IG
WTI crude oil chart Source: IG

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