Khaberni - Gold prices increased on Thursday, supported by the decline of the dollar after it briefly touched its lowest level in more than a month. However, the gains were limited due to the Federal Reserve (the US central bank) adopting a stance leaning towards monetary tightening, which diminished the prospects of a near-term interest rate cut.
Gold in spot transactions rose by 0.8% to $4856.82 per ounce (troy ounce) by 01:15 GMT, after earlier in the day it fell to its lowest level since February 6. Prices dropped by 3.7% on Wednesday.
The US futures contracts for gold for delivery in April declined by 0.8% to $4858.60.
The dollar fell, making gold priced in it cheaper for holders of other currencies.
The price of oil rose to over $110 per barrel after Iran attacked several energy facilities around the Middle East following a strike targeting the South Pars gas field, exacerbating inflation concerns.
Gold prices in spot transactions fell by more than 9% since the American-Israeli strikes against Iran began on February 28, driven by the strength of the dollar, which emerged as one of the main winners in the safe-haven race.
Silver in spot transactions increased by 1.5% to $76.52 per ounce. Platinum rose by 0.6% to $2035.25 in spot transactions. Palladium increased by 1.2% to $1492.25.
