Gold declines and oil prices rise

Gold prices fell by more than one percent on Monday as the dollar rose, while uncertainty over peace talks between the United States and Iran pushed oil prices higher and raised fears of inflation again.

Gold fell in instant transactions 1.4 percent to $4,762.09 per ounce by 0055 GMT, after falling to the lowest level since April 13 earlier in the session.

US gold futures for June delivery also fell 2 percent to $4,781.90.

The dollar index rose, which increased the cost of gold priced in the US currency for holders of other currencies.

Oil prices jumped and stock markets witnessed fluctuating performance, as escalating tension in the Middle East reduced shipping traffic to and from the Gulf to a minimum, although traders were pinning hopes on reaching a solution.

On the other hand, demand for gold during one of the main buying festivals in India remained weak on Sunday, as the rise in prices to record levels led to a decline in jewelry purchases, which offset the impact of the slight increase in investment demand.

As for other precious metals, silver declined in spot transactions

1.7 percent to $79.42 per ounce, platinum fell 0.8 percent to $2,086, and palladium fell 0.8 percent to $1,547.10.