gold prices
Gold prices fell on Monday, after reaching their highest level in nearly a month, with escalating fears of the conflict in Gaza, which pushed the precious metal to rise by more than three percent in the previous session.
Price movements
By 01:02 GMT, spot gold fell by 0.5 percent to $1,921.69 per ounce.
US gold futures fell by 0.4 percent to $1,934.40 per ounce.
Gold, which is seen as a safe investment in times of turmoil, hit its highest level since September 20 at $1,934.82 an ounce earlier in the session after rising 3.4 percent on Friday, its highest daily increase in seven months.
The escalation in Gaza has brought heightened geopolitical risks into sharper focus for financial markets, as investors wait to see whether the conflict might attract other countries with the potential to push oil prices higher and deal a new blow to the global economy.
US consumer sentiment deteriorated in October, as households expected inflation to rise over the next year, but a strong labor market is likely to continue to support consumer spending.
As for other precious metals, silver decreased in spot transactions by 0.4 percent to $22.62 per ounce.
Platinum fell 0.2 percent to $879.19 per ounce.
Palladium settled at $1,147.55 per ounce.
2023-10-16 04:51:51
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