Singapore, June 11 (QNA) - Gold prices fell on Thursday to their lowest levels in more than six months, pressured by rising oil prices following new US strikes on Iran and the resulting concerns about accelerating inflation and the prospect of interest rates remaining elevated for a longer period.
Spot gold declined by 0.2 percent to $4,063.87 per ounce after earlier touching its lowest level since Nov. 21, while US gold futures for August delivery fell 1.1 percent to $4,086.50 per ounce.
The decline came after the United States announced a new round of strikes against multiple targets inside Iran, while oil prices rose by more than $2 per barrel following Tehran’s announcement of the closure of the Strait of Hormuz. (QNA)