Gold declines amid inflation fears

The price of gold fell today, hovering near its lowest level in a week, which it recorded in the last session, due to escalating tension between the United States and Iran, which pushed oil prices to rise and stoked fears about inflation and interest rates remaining high for a longer period.

By 03:43 GMT, the price of gold in spot transactions fell 0.4 percent to $4,060.46 per ounce after falling yesterday to its lowest level since the beginning of July.

US gold futures for August delivery fell 0.3 percent to $4,069.80.

As for other precious metals, the price of silver in spot transactions fell 0.9 percent to $57.77 per ounce, while the price of platinum rose 0.8 percent to $1,591.13, and the price of palladium increased 0.8 percent to $1,223.95.