Gold, silver decline as dollar holds steady
Gold and silver prices declined as escalating Middle East tensions and rising oil prices renewed inflation concerns
Gold and silver prices fell on Thursday as the escalating conflict in the Middle East fueled concerns that rising oil prices could prompt the US Federal Reserve to keep interest rates higher to contain inflation.
The US Dollar Index (DXY), which measures the greenback against a basket of six major currencies, was little changed at 100.50.
Jigar Trivedi, senior analyst at IndusInd Securities, said gold weakened due to the ongoing attacks in the Middle East, which have sharply driven up oil prices and kept inflation concerns elevated, Reuters reported.
According to the CME FedWatch Tool, markets are currently pricing in a 73% probability of a Federal Reserve interest rate hike in December.
|
Precious Metals Prices (Futures & Spot) |
|||
|
Metal |
Price (USD/oz) |
Change (USD) |
Change (%) |
|
Gold (August Futures) |
4,035 |
(16.80) |
(0.40%) |
|
Spot Gold |
4,029.29 |
(31.26) |
(0.75%) |
|
Silver (September Futures) |
57.38 |
(0.05) |
(0.10%) |
|
Spot Silver |
57.06 |
(0.74) |
(1.30%) |
|
Spot Platinum |
1,668.45 |
(10.11) |
(0.60%) |
|
Spot Palladium |
1,312.03 |
(8.37) |
(0.65%) |
Prices as of 8:17 a.m. Makkah time.
Commodity Price
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