Gold prices edged lower on Wednesday after renewed hostilities in the Middle East drove crude oil prices higher, intensifying concerns that interest rates could remain elevated for longer to curb inflation.
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Spot gold fell 0.2% to $4,476.50 per ounce by 01:03 GMT. US gold futures for August delivery also dropped 0.3% to $4,504.40.
Hostilities in the Gulf flared up again on Wednesday, with the US military stating that Iranian missile attacks targeting Bahrain, Kuwait, and other regional targets were either thwarted or failed, while diplomacy between Washington and Tehran made little progress.
US Secretary of State Marco Rubio said President Donald Trump's negotiating team had not offered Iran sanctions relief in exchange for reopening the Strait of Hormuz, insisting that any relief is conditional upon Tehran abandoning its nuclear program.
Oil prices jumped by more than 1% in early trading today, heightening worries over inflation and higher interest rates.
Cleveland Federal Reserve President Beth Hammack said yesterday that the US central bank might be forced to raise interest rates soon if already-high inflationary pressures continue to escalate.
Investors are now awaiting US non-farm payrolls data, scheduled for release later on Wednesday, alongside Friday’s employment report to gauge the Federal Reserve's monetary policy trajectory.
Swiss customs data showed that gold exports from Switzerland fell by 20% in April compared to the previous month, as slowing shipments to the UK and China offset higher deliveries to India and Hong Kong.
Meanwhile, India tightened restrictions on silver imports as the world's largest consumer seeks to curb shipments and ease pressure on the rupee.
Among other precious metals, spot silver fell 0.5% to $74.73 per ounce, platinum lost 0.2% to $1,932.25, and palladium slipped 0.3% to $1,365.25.
Source: Reuters
