Gold prices dropped during Monday’s session alongside the rise in the dollar. This coincided with the Strait of Hormuz being closed again, followed by higher oil prices—reviving concerns about escalating inflationary pressures and the possibility that central banks worldwide would tighten their monetary policies.
Gold futures for June delivery fell 1.45% to $4,807.80 per ounce, while the spot price declined 0.95% to $4,785.04 per ounce.
By contrast, silver prices also fell: its May futures dropped about 2.5% to $80.36 per ounce, while the spot price fell by roughly 1.55% to $79.618 per ounce.
The U.S. Dollar Index (which measures the performance of the U.S. dollar against a basket of six major currencies) rose 0.25% to 98.37 points at 9:21 a.m. Mecca time.
Other metals likewise declined: platinum fell 1.45% to $2,082.92, while palladium dropped about 0.8% to $1,550.61.
In another development, concerns grew that a ceasefire may fail after the United States detained an Iranian cargo ship—especially after Tehran rejected participating in a second round of talks that Washington had hoped to hold on Tuesday, according to Reuters.
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