New york: Gold prices fell on Monday to their lowest level in nearly a week, pressured by a stronger dollar. A sharp rise in energy prices exacerbated concerns about inflation and reduced expectations that the Federal Reserve (the US central bank) would cut interest rates this year.
According to Yemen News Agency, spot gold fell 1.1 percent to $4,694.30 an ounce, its lowest level since April 7, while US gold futures for June delivery fell 1.4 percent to $4,717.80. Spot gold has fallen more than 11 percent since the start of the US-Israeli war on Iran on February 28.
As for other precious metals, silver fell 1.9 percent to $74.45 an ounce in spot trading, platinum dropped 1.3 percent to $2,019.35, while palladium rose 0.7 percent to $1,531.50.