Gold prices decline as dollar edges higher
Gold prices fall 1% as markets assess Fed officials’ comments
Gold prices declined during Monday’s trading session as investors assessed geopolitical developments in the Middle East and their implications for inflation and global interest rates.
Meanwhile, the dollar index, which measures the performance of the US currency against a basket of six major currencies, edged up 0.1% to 100.31.
The precious metal decline was accompanied by lower oil prices amid expectations for diplomatic opportunities to end the US-Iran conflict on the sidelines of the United Nations General Assembly meetings.
This came after Iran and the US exchanged fresh threats over the weekend. President Donald Trump warned that Iran would face economic failure or the elimination of its leadership if it did not reach an agreement, while the Iranian military said it would respond forcefully to any new attack, Reuters reported.
|
Changes in prices of selected precious metals in futures and spot markets |
|||
|
Metal |
Price ($/oz) |
Change ($) |
Change (%) |
|
Gold (October futures) |
4,358.9 |
(31.8) |
(0.70%) |
|
Gold (spot) |
4,359.04 |
(19.59) |
(0.45%) |
|
Silver (December futures) |
66.650 |
(0.499) |
(0.75%) |
|
Silver (spot) |
66.2474 |
(0.01) |
— |
|
Platinum (spot) |
1,801.21 |
(1.19) |
— |
|
Palladium (spot) |
1,311.48 |
+7.91 |
+0.60% |
*As of 8:22 a.m. Makkah time.
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