Doha: Gold prices experienced a significant fall of over 1% on Tuesday, positioning the precious metal for its most substantial monthly decrease since October 2008. This decline is attributed to shifting investor focus from uncertainties in the Middle East to anticipated US interest rate hikes aimed at controlling rising inflation.
According to Qatar News Agency, spot gold dropped 1.5% to $3,956.92 per ounce, marking a monthly loss of 12.7%. This decrease sets gold on a path for its fourth consecutive monthly drop. US gold futures for August delivery also saw a decrease of 1.7%, settling at $3,969.30.
In addition to gold, other precious metals also experienced declines. Spot silver fell 2% to $57.13 per ounce, while platinum decreased by 1.1% to $1,557.21. Palladium saw a slight decline of 0.4% to $1,208.17. All three metals are on track for both quarterly and monthly losses.