Gold fell more than 1% today, Wednesday, to record its lowest level in 11 weeks, as the dollar and oil prices rose against the backdrop of renewed hostilities between the United States and Iran, which exacerbated concerns about inflation and raising interest rates.
The price of gold in spot transactions fell 1.8% to $4,187.59 per ounce by 02:30 GMT, touching its lowest level since March 23. US gold futures for August delivery fell 1.7% to $4,213.40, according to Reuters.
The dollar rose, making the gold it was priced more expensive for holders of other currencies. Oil prices rose 1%, raising concerns about inflation and boosting expectations that interest rates will remain high for longer.
