Gold prices fall more than 1%

TDT | Manama | Email : online@newsofbahrain.com

Gold prices fell more than 1% on Monday as a stronger US dollar and rising Treasury yields reduced demand for the precious metal.

Spot gold dropped 1.5% to $4,060.36 per ounce by 0541 GMT, while US gold futures for August delivery declined 1.1% to $4,068.30, according to Reuters.

The decline came as oil prices climbed about 4%, the US dollar strengthened, Treasury yields rose, and Asian equity markets traded lower.

Other precious metals also posted losses. Spot silver fell 2.6% to $58.29 per ounce, platinum declined 1.6% to $1,601.92, and palladium dropped 2% to $1,251.42 per ounce.