Business Recorder
Gold fell on Monday, pressured by a firm dollar, while higher oil prices heightened fears of inflation and higher-for-longer interest rates as US-Iran peace talks remained stalled. Fundamentals Spot gold was down 0.3% at $4,694.26 per ounce, as of 0059 GMT. Last week, the metal lost 2.5% to snap a four-week winning streak. Get the latest news from India and how it matters to the world with the Reuters India File newsletter. Sign up here. US gold futures for June delivery fell 0.9% to $4,697.60. US President Donald Trump said on Sunday Iran could telephone if it wants to negotiate an end to their two-month war and stressed it can never have a nuclear weapon, after Tehran said the U.S. should remove obstacles to a deal, including its blockade of Iran’s ports. Trump cancelled a trip by two US envoys to Iran war mediator Pakistan on Saturday, dealing a setback to peace prospects following Iran foreign minister’s departure from Islamabad after speaking only to Pakistani officials. Oil prices rose , the dollar inched higher and U.S. stock futures slipped as stalled U.S.-Iran peace talks prolonged the disruption of Middle East energy exports, unsettling markets and policymakers ahead of a packed week of central bank meetings. Republican Senator Thom Tillis on Sunday said he would allow Senate confirmation of Federal Reserve chair nominee Kevin Warsh to go forward after the Department of Justice on Friday dropped an investigation into Fed Chair Jerome Powell. In contrast, gold premiums in India climbed last week to their highest point in 2-1/2 months as supplies tightened, while buying interest picked up in China. SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.2% to 966.30 metric tons on Thursday. Investors now await the U.S. Federal Reserve’s interest rate decision, after its two-day meeting, on Wednesday. Spot silver fell 0.3% to $75.48 per ounce, platinum lost 0.3% to $2,005.15, and palladium was down 0.3% at $1,492.22.
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