Gold prices fell by more than 1% today, Tuesday, heading towards recording their largest monthly decline since October 2008, with the impact of the uncertainty of the situation in the Middle East diminishing in the face of expectations of raising US interest rates to reduce high inflation.
The price of gold in spot transactions fell 1.5% to $3,956.92 per ounce by 02:21 GMT, recording a loss of 12.7% since the beginning of the month, in what will be the fourth monthly decline in a row. US gold futures for August delivery also fell 1.7% to $3,969.30, according to Reuters.
The precious metal is on its way to record its first quarterly decline since 2024, and the largest since the second quarter of 2013, as the war with Iran led to a sharp rise in energy prices, raising fears of inflation and expectations of raising interest rates.
