Gold declines 2% as the dollar rises and Middle East tensions continue

Gold prices fell on Thursday, influenced by a rise in The US dollarand hopes of lowering US interest rates in the near future declined, while the rise in oil prices above $100 a barrel due to the US war with Iran led to a shift of liquidity away from precious metals. The price of gold in spot transactions fell by approximately 2% to $5,079 per ounce, while gold futures fell by 1.8% to $5,084 per ounce. In a related context, the price of Silver rose 2.2% to $83.86 per ounce, compared to the opening at $85.74. In contrast, the US dollar rose to its highest level in almost a month against major currencies, making dollar-denominated gold more expensive for holders of other currencies.

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