Sana'a: Gold prices fell on Monday, pressured by a stronger dollar, as hopes faded for a Federal Reserve interest rate cut amid rising oil prices due to the ongoing conflict with Iran and stronger-than-expected US jobs data: Spot gold fell 0.9 percent to $4,631.69 per ounce, while US gold futures for April delivery dropped 0.5 percent to $4,657.50 in thin trading as many markets in Asia and Europe were closed for holidays, according to Oman News Agency.
According to Yemen News Agency, the decline in gold prices was accompanied by a drop in other precious metals. Spot silver fell 1.4 percent to $71.98 per ounce. Meanwhile, platinum saw a decline of 0.9 percent to $1,970.38, whereas palladium remained stable at $1,503.52.
The recent economic indicators have influenced investor sentiment, reducing the likelihood of a rate cut by the Federal Reserve. The combination of geopolitical tensions and robust employment data in the US has led to a stronger dollar, further impacting the prices of precious metals globally.