Gold slipped on Monday, pressured by a stronger Dollar and surging crude oil prices as the market awaits US President Trumps decision on the proposed deal to extend the ceasefire with Iran while they review peace proposals.
Spot gold was down 0.3% at $4,521.25 per ounce, as of 0520 GMT, after hitting a two-week high in the previous session. US gold futures for August delivery fell 0.9% to $4,551.60. The dollar rose, making greenback-priced bullion more expensive for holders of other currencies.
Silver prices also weakened sharply, falling ₹5,000, or nearly 2 per cent, to ₹2,69,700 per kilogram (inclusive of all taxes). The white metal had settled at ₹2,74,700 per kg in the previous session.
According to experts, by the end of 2026, gold still has potential to hit $5,500 should favorable circumstances arise, notably lower oil prices and a depreciation of the dollar, underpinned by continued robust central bank buying and its role as a geopolitical and inflation hedge,” Waterer said. Spot silver rose 0.7 per cent to $75.81 per ounce, platinum gained 1.5 per cent to $1,945.15, and palladium rose 1.4 per cent to $1,372.75.
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