Gold hits its lowest level in 11 weeks and other precious metals decline

Capitals, June 10 / WAM / Gold fell by more than one percent today to record its lowest level in 11 weeks as the dollar and oil prices rose, exacerbating concerns about inflation and rising interest rates.

The price of gold in spot transactions fell 1.8 percent to $4,187.59 per ounce, touching its lowest level since last March 23. US gold futures for August delivery fell 1.7 percent to $4,213.40.

Silver prices in spot transactions fell by 1.5 percent to $64.43 per ounce, platinum fell 2.8 percent to $1,678.10, and palladium fell 0.8 percent to $1,212.31.

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