Abu dhabi: Gold prices fell on Monday as a lack of progress in US-Iran peace negotiations pushed oil prices higher, fuelling concerns that elevated inflation could keep interest rates higher for longer.
According to Emirates News Agency, spot gold fell 0.6 percent to $4,684.32 per ounce, as of 0223 GMT. Meanwhile, US gold futures for June delivery lost 0.8 percent, settling at $4,692.70. The stagnant discussions between the US and Iran have led to increased oil prices, which in turn have heightened worries about sustained inflation and the potential for prolonged high interest rates.
In the broader precious metals market, spot silver saw a rise of 0.7 percent, reaching $80.88 per ounce. Platinum experienced a decrease of 0.6 percent, dropping to $2,042.71, while palladium was down by 0.4 percent, priced at $1,484.99. This mixed response in the precious metals sector highlights the ongoing economic uncertainties amid geopolitical tensions.
