Saed News: Reuters reported that the price of gold per ounce fell to $4,523.07 under pressure from a stronger U.S. dollar and rising oil prices.
According to SAEDNEWS, citing Reuters, global gold prices slightly declined in Monday trading, affected by the strengthening of the U.S. dollar and rising oil prices, while investors continue to await U.S. President Donald Trump’s decision on a proposed extension of the ceasefire with Iran.
Based on the report, the price of gold per ounce decreased by 0.38% to $4,523.07. In the previous trading session, gold had reached its highest level in two weeks. Gold futures on the New York COMEX market also fell by 0.84% to $4,554.50.
The strengthening of the U.S. dollar has made gold more expensive for holders of other currencies, putting additional pressure on the precious metals market.
U.S. President Donald Trump said on Friday that he would soon decide on the proposed agreement to extend the ceasefire with Iran, although signs of continued disagreements between the two sides on key issues remain.
Meanwhile, Israeli Prime Minister Benjamin Netanyahu said on Sunday that he had ordered his forces to push deeper into Lebanon in the fight against Hezbollah, despite more than six weeks having passed since the ceasefire was announced.
At the same time, oil prices rose by more than 2% in early Monday trading, adding to concerns about rising inflationary pressure.
In this context, Michelle Bowman, Vice Chair for Supervision at the Federal Reserve, warned on Friday that the impact of the war in the Middle East on the economy could lead to persistent inflation, potentially requiring tighter monetary policy.
In physical markets, gold demand in India remained weak last week due to high prices and continued import duties. In China, the world’s largest gold consumer, premiums declined amid cautious market sentiment.
Among other precious metals, silver prices rose by 0.12% to $75.97, while platinum fell by 0.98% to $1,938.92.
