Brief
Gold Prices Drop to Seven‑Week Low as Oil and Dollar Rise
Gold fell 3.3% to a more than seven‑week low on Monday, driven by higher oil costs and a stronger dollar.
By Felo News Desk · Published
Spot gold fell 3.3% to $4,146.51 per ounce on Monday, the lowest level since 5 August, as oil prices spiked and the US dollar strengthened. Silver also dropped 4.7% to $61.27 per ounce, while platinum fell 2.9% to $1,726.30 and palladium lost 4.4% to $1,211.45.
Al Jazeera reported that the decline was linked to rising fuel prices, which stoke inflation worries amid the US‑Iran conflict. The Federal Reserve had lifted benchmark rates by a quarter‑percentage point earlier this month and signalled another hike may come. Higher Treasury yields and the dollar’s strength were cited as key factors pushing metal prices lower.
Key facts
- Spot gold fell 3.3% to $4,146.51 per ounce (aljazeera.com)
- Spot silver fell 4.7% to $61.27 per ounce (aljazeera.com)
- Platinum fell 2.9% to $1,726.30 per ounce (aljazeera.com)
- Palladium fell 4.4% to $1,211.45 per ounce (aljazeera.com)
- Oil prices spiked about 3% after US President Donald Trump rejected an Iranian offer (aljazeera.com)
- The US dollar was near a two‑month high (aljazeera.com)
Sources
- [1] aljazeera.com — originally reported as “Gold falls amid rising oil prices and higher US dollar”
