Gold prices slip as Middle East conflict escalates
Gold prices declined as oil prices continued to climb amid the escalating conflict in the Middle East
Gold prices declined during Thursday's trading as oil prices continued to climb amid the escalating conflict in the Middle East, heightening concerns over rising inflationary pressures. Investors are also awaiting the US Federal Reserve's policy meeting next week.
While markets widely expect the Fed to keep interest rates unchanged at its upcoming meeting, they are currently pricing in a 77% probability of a rate hike in September, according to the CME FedWatch Tool.
Meanwhile, the US Dollar Index, which tracks the greenback against a basket of six major currencies, edged down 0.15% to 100.98.
|
Precious Metals Prices |
|||
|
Metal |
Price (USD/oz) |
Change (USD) |
Change (%) |
|
Gold (August Futures) |
4,123.70 |
(28.60) |
(0.70%) |
|
Spot Gold |
4,125.40 |
(3.95) |
(0.10%) |
|
Silver (September Futures) |
59.88 |
(0.428) |
(0.71%) |
|
Spot Silver |
59.814 |
+0.095 |
+0.16% |
|
Spot Platinum |
1,654.60 |
+10.97 |
+0.67% |
|
Spot Palladium |
1,300.60 |
+9.85 |
+0.75% |
Prices as of 08:22 a.m. Makkah time.
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