Gold and silver prices surged sharply this evening, while international oil benchmarks experienced a steep decline. Spot gold briefly broke through the $4,500 per ounce level and was last quoted at $4,495. Spot silver rose over 2%.
West Texas Intermediate crude oil fell more than 4% and Brent crude dropped over 3%.
Major cryptocurrencies experienced a broad selloff, with Bitcoin falling below $63,000. Over the past 24 hours, liquidations across the market have affected nearly 300,000 accounts, with total liquidation volumes exceeding $1.7 billion.
According to reports, sources within Lebanese security and local witnesses confirmed on the 4th that Israeli forces have begun a gradual withdrawal from the town of Dabboun in the Marjayoun region of southern Lebanon.
In a separate development, the President of Lebanon, Michel Aoun, stated on the 4th that once final approval is secured, the ceasefire agreement with Israel could be implemented within 24 hours. Aoun described the agreement as the "last opportunity" and warned that all parties would bear responsibility if this chance is missed.
Reports also indicate that data released on the 3rd by the U.S. Energy Information Administration shows U.S. crude oil inventories have fallen for six consecutive weeks. This decline is attributed to increased crude exports and refineries operating at near full capacity, drawing from stockpiles. The data shows that as of May 29th, U.S. commercial crude oil inventories and strategic petroleum reserves both decreased by approximately 8 million barrels compared to the previous week. This figure was significantly larger than the drop analysts had previously forecast.
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