New york: Gold prices continued their decline today as concerns grew that the US Federal Reserve may raise interest rates following a strong jobs report, while renewed military hostilities in the Middle East pushed oil prices higher and intensified inflation fears.
According to Oman News Agency, spot gold fell 0.4 percent to $4,313.11 per ounce, extending a three percent drop on Friday that had taken it to its lowest level since 24 March 2026. The potential for a rate hike by the US Federal Reserve has overshadowed the geopolitical unrest, leading investors to reevaluate their positions in the precious metals market.
US gold futures for August delivery also experienced a decline, falling 0.7 percent to $4,336.30 per ounce. The market's reaction reflects a broader trend of caution as traders anticipate the Federal Reserve's next move.
Among other precious metals, spot silver fell 0.4 percent to $67.56 per ounce, platinum declined 0.5 percent to $1,767.15 per ounce, while palladium held steady at $1,225.66 per ounce. These movements indicate a cautious approach by investors across the precious metals sector, amidst ongoing economic and geopolitical uncertainties.