Gold hits two-month low as inflation concerns intensify

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Gold prices fell to their lowest level in two months during Thursday's trading as renewed US strikes on Iran pushed oil prices higher, fueling concerns over rising inflation and clouding the outlook for interest rates.

 

Spot gold fell to $4,380.62 per ounce after earlier touching its lowest level since March 26.

 

US gold futures for June delivery declined 1.6% to $4,377.10.

 

The dollar climbed to a one-week high, making dollar-denominated gold more expensive for holders of other currencies.

 

Matt Simpson, senior analyst at StoneX, said geopolitical tensions continue to support the dollar despite ongoing discussions around a possible peace agreement.

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