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Sharjah24
Gold drops from two-week peak amid rising oil
The gold price decreased from its two-week high of $4,165.87 per ounce, as demand waned following a rise in oil prices due to escalating conflict in the Middle East. Investors focused on the upcoming Federal Reserve meeting, searching for clues regarding future interest rate hikes. The spot gold price steadied at $4,132.01 per ounce, while futures declined to $4,134.60, amid investor attention on geopolitical developments and oil prices, which surged above $4,132, with the dollar retreating by 0.1%. Additionally, other precious metals such as silver, platinum, and palladium experienced modest gains.
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