New york: Gold prices declined today, hovering near their lowest level in a week touched in the previous session, as escalating tensions between the United States and Iran drove oil prices higher and stoked inflation concerns, reinforcing expectations that interest rates will remain elevated for a prolonged period.
According to Oman News Agency, spot gold fell 0.4 percent to USD 4,060.46 per ounce, after dropping yesterday to its weakest level since the beginning of July, while US gold futures for August delivery shed 0.3 percent to settle at USD 4,069.80.
The CME FedWatch tool indicates that markets are pricing in a 68 percent probability of a US interest rate hike in September and an 87 percent likelihood of a hike by January 2027.
Among other precious metals, spot silver declined 0.9 percent to USD 57.77 per ounce, while platinum rose 0.8 percent to USD 1,591.13, and palladium gained 0.8 percent to reach USD 1,223.95.