Gold drops 0.4% spot, 0.3% futures
Gold prices declined significantly today, with spot prices dropping 0.4% to $4,000.55 per ounce. Likewise, August futures fell 0.3% to $4,005.9. This downward trend comes amid escalating conflict in the Middle East and Brent crude oil prices surpassing $90 per barrel, fueling inflation concerns. Additionally, policymakers at the U.S. Federal Reserve have signaled the potential need to raise interest rates to curb price pressures, putting further pressure on gold prices. Meanwhile, as gold prices declined, other precious metals gained: silver rose 0.9% to $56.42 per ounce, platinum increased slightly by 0.1% to $1,592.97, and palladium went up 0.3% to $1,251.74.
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