On Monday, gold prices experienced a decline of more than 1 percent as concerns about an escalating conflict in the Middle East eased, leading to reduced demand for safe-haven assets. Traders were also awaiting key inflation data in the United States later in the week for insights into potential changes in interest rates.<\/p>\n\n\n\n
As of 0716 GMT, spot gold fell by 1.4 percent to $2,357.19 per ounce, while US gold futures dropped by 1.8 percent to $2,371.<\/p>\n\n\n\n
Tehran’s efforts to downplay the significance of a drone attack attributed to Israel on Iran contributed to the de-escalation of tensions in the region.<\/p>\n\n\n\n
Despite the recent decline, prices had surged to $2,417.59 in the previous session, approaching the record high of $2,431.29 set on April 12.<\/p>\n\n\n\n
Investors are keenly anticipating the release of the personal consumption expenditures price index, the Federal Reserve’s preferred measure of inflation, scheduled for Friday.<\/p>\n\n\n\n
In addition to gold, other precious metals also witnessed declines, with silver dropping by 3.2 percent to $27.72 per ounce, platinum losing 0.6 percent to $925.70, and palladium falling by 1.7 percent to $1,008.62.<\/p>\n","protected":false},"excerpt":{"rendered":"
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