Gold declines as oil rises and inflation fears

Capitals, 26 May / WAM / Gold prices declined today, Tuesday, affected by the rise in oil prices, increasing fears related to inflation, and the possibility of interest rates remaining high for a longer period.

Gold in spot transactions fell by 0.7% to $4,537.54 per ounce by 0218 GMT, while US gold futures for June delivery rose by 0.3% to $4,538.50.

Prices of other precious metals also declined, as silver fell by 1.8% to $76.66 per ounce, platinum lost 0.9% to reach $1,950.70, while palladium fell by 1.1% to $1,382.42.

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