Gold continues its losses with renewed tensions in the Middle East
Gold prices fell today, Thursday, to hover near their lowest level in a week, with the escalation of tensions between the United States and Iran, which led to a rise in $per ounce by 05:22 GMT, after hitting its lowest level since July 1 on Wednesday. US gold futures (August delivery) also fell by 0.1% to $4,077.60.
In other precious metals, the spot price of silver fell by 0.5% to $57.98 per ounce, while platinum rose 1.1% to $1,595.51, and palladium increased 0.9% to $1,224.12.
And announced Bank of America lowered its average gold price forecast for 2026 by 14% to $4,360 per ounce, attributing this to a tighter monetary policy by the Federal Reserve.
In a separate context, markets are currently placing a 68% probability of a US interest rate hike in September, and 87% in January 2027.
Concerns about high inflation also escalated during the US central bank’s meeting last month, Officials followed the approach of Federal Reserve Chairman Kevin Warsh in issuing a more conservative statement, even as there were concerns about the widening scope of price increases and the possibility of raising interest rates.
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