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Gold hits 11-week low on June 10
Global gold prices experienced a decline of over 1%, reaching their lowest levels in 11 weeks, driven by a strengthening U.S. dollar and rising oil prices amid escalating tensions between the United States and Iran. The spot gold price fell by 1.8% to $1,187.59 per ounce, while U.S. futures contracts declined by 1.7% to $1,213.40, amid concerns over rising inflation and the potential for interest rate hikes. The market is closely awaiting U.S. inflation data and geopolitical developments that could impact the prices of this precious metal.
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