Hamdan: Gold fell more than 1% on Wednesday, hitting its lowest level in 11 weeks, as the dollar and oil prices rose amid renewed fighting stemming from US violations of the ceasefire with Iran. This exacerbated concerns about inflation and rising interest rates. According to Yemen News Agency, spot gold fell 1.8% to $4,187.59 per ounce, its lowest level since March 23. US gold futures for August delivery fell 1.7% to $4,213.40. The dollar strengthened, making gold, which is priced in dollars, more expensive for holders of other currencies. Oil prices rose 1%, fueling inflation concerns and reinforcing expectations that interest rates will remain high for an extended period. Silver fell 1.5 percent to $64.43 an ounce in spot trading, platinum dropped 2.8 percent to $1,678.10, and palladium declined 0.8 percent to $1,212.31.
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