Gold prices slip as dollar and oil prices strengthen
Spot gold fell 0.4 percent to 4,518.09 dollars per ounce on Monday as a stronger dollar and rising crude prices pressured the metal. Investors remain focused on an upcoming decision regarding the Iran ceasefire proposal while rising oil costs stoke concerns about persistent inflation.
Gold fell 0.4% to $4,518.09 per ounce overnight as a stronger dollar and rising crude prices pressured the metal. The decline follows a two-week high reached during the previous session. Investors are pivoting to the dollar as the United States prepares a decision on an Iran ceasefire deal.
Crude oil rose more than 2% early Monday, fueling inflation concerns and potential interest rate hikes. KCM Trade chief market analyst Tim Waterer said oil gains and the elusive deal keep the metal off balance.
