Gold prices dip as Middle East tensions drive oil higher
Gold prices fell on Monday amid rising Brent crude and inflation fears, while silver, platinum, and palladium posted gains.
Key Takeaways
AIGold prices declined in Monday trading, weighed down by geopolitical developments in the Middle East that pushed Brent crude above $90 per barrel and heightened market concerns over inflation.
A market report indicated that spot gold prices dropped by 0.4% to $4,000.55 per ounce.
It also noted that US gold futures for August delivery slipped 0.3%, settling at $4,005.9 per ounce.
Silver and other precious metals gain
Meanwhile, spot silver rose 0.9% to $56.42 per ounce.
Market data showed platinum up 0.1% to $1,592.97, while palladium climbed 0.3% to $1,251.74 per ounce.