Gold extends losses as Middle East conflict intensifies
Gold falls as robust US economic data and rising Middle East tensions reshape market expectations
Gold prices fell on Monday as expectations for tighter US monetary policy strengthened following a robust jobs report, while rising geopolitical tensions in the Middle East pushed oil prices higher and fueled inflation concerns.
The US dollar index, which measures the greenback against a basket of six major currencies, was little changed at 100.00 after touching 100.17 earlier in the session.
|
Changes in precious metals prices (futures and spot) |
|||
|
Metal |
Price ($/oz) |
Change ($) |
Change (%) |
|
Gold (August futures) |
4,335.40 |
(29.90) |
(0.70%) |
|
Spot gold |
4,286.34 |
(42.11) |
(0.95%) |
|
Silver (July futures) |
67.72 |
(1.38) |
(2.00%) |
|
Spot silver |
66.52 |
(1.31) |
(1.95%) |
|
Spot platinum |
1,746.18 |
(34.25) |
(1.90%) |
|
Spot palladium |
1,216.47 |
(9.53) |
(0.80%) |
The decline came after Israel struck military targets in western and central Iran on Monday, despite media reports that Donald Trump had asked Israeli Prime Minister Benjamin Netanyahu to refrain from launching further attacks, Reuters reported.
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