Gold Drops over 1%

Gold prices dropped more than 1% on Monday, as market participants awaited a key US inflation reading due later this week for interest rate cues.

Spot gold was down 1.4% at $2,357.19 per ounce, while US gold futures fell 1.8% to $2,371, as easing fears of a wider Middle East conflict lowered bullion’s safe-haven appeal.

Prices rose as high as $2,417.59 in the previous session, a level not far away from a record high of $2,431.29 hit on April 12.

Spot silver fell 3.2% to $27.72 per ounce, platinum lost 0.6% to $925.70, and palladium was down 1.7% at $1,008.62.

Source: Qatar News Agency