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Gold dips from recent peak
Gold prices retreated on Thursday after reaching a two-week high, amid rising oil prices driven by escalating tensions in the Middle East and increased risks to oil shipping movements. The spot price of gold stood at $4,132.01 per ounce, compared to $4,165.87 in the previous session, while August gold futures declined by 0.4% to $4,134.60 per ounce. This decline coincides with oil prices hitting their highest levels in over six weeks, due to continued U.S. strikes on Iran and escalating regional risks. At the same time, the U.S. dollar dipped by 0.1%, and yields on two-year U.S. Treasury bonds rose to their highest in 17 months, reflecting inflationary pressures and setting the stage for higher interest rates in the future as investors await the Federal Reserve's monetary policy decision next week. Other precious metals also saw slight gains, with silver, platinum, and palladium rising between 0.3% and 0.8%.
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