Gold price fell on Tuesday pressured by rate hike expectations and a stronger dollar, but growing recession fears kept haven bullion above the key support level of $1,800 an ounce. Spot gold was down 0.4% to $1,801.20 per ounce, while U.S. gold futures were little changed at $1,800.80. The dollar is strong near two decade peaks, making gold less attractive for overseas buyers. Spot silver fell 0.5% to$19.86 per ounce.
Brent oil prices dipped, reversing earlier gains of $1, as concerns of a possible global recession curtailing fuel demand outweighed supply interruption fears, highlighted by a potential production cut in Norway. Brent crude futures for September settlement fell by 0.5 percent to $112.89 a barrel. U.S. West Texas Intermediate crude moved 1.1 percent to $109.58 a barrel, from Friday’s close.
“Oil is still struggling to break out from its current recessionary malaise as the market pivots away from inflation to economic despair,” Stephen Innes of SPI Asset Management said in a note. Still, oil prices have found support from supply concerns delayed from Western sanctions on shipments from Russia over the Ukraine conflict, worries about the ability of major West Asian producers to increase output, and now labour disputes in Norway.