Gold prices declined to a near one-week low as persistent inflation concerns weighed on the market following the failure of peace talks between the United States and Iran.
The breakdown in negotiations led to a surge in oil prices, raising fears of higher global inflation and reducing expectations for interest rate cuts by the U.S. Federal Reserve. (The Star)
A stronger U.S. dollar further pressured gold, making the precious metal more expensive for international investors and less attractive as a safe-haven asset.
Despite ongoing geopolitical tensions, expectations of higher interest rates continued to dampen demand for gold, keeping prices under pressure.
