Khaberni - Gold rose in spot transactions by 2.2% to $4608.16 per ounce (ounce) after it recorded its highest price since March 20 earlier in the session. American futures contracts for gold delivery in April rose by 1.8% to $4639.
The dollar declined but remained on track for monthly gains. The rise of the dollar makes gold priced in the American currency more expensive for holders of other currencies.
Gold in spot transactions declined by 12.7 percent in March, as the rise in oil prices resulting from the war in the Middle East negatively affected the precious metal. The rise in energy prices has exacerbated concerns about inflation and prompted markets to reevaluate interest rate expectations. Although it is a hedge against uncertainty and inflation, rising interest rates increase the opportunity cost of holding the metal.
The American Defense Secretary said that the next few days in the war against Iran would be crucial and warned Tehran that the conflict would escalate if a deal is not reached.
For other precious metals, the spot price of silver rose by 4.9 percent to $73.37 per ounce; however, it fell 22 percent over the month, and the spot price of platinum increased by 1.2 percent to $1922.07, while the price of palladium rose by 2.6 percent to $1442.50.
Platinum and palladium are on their way to recording monthly declines.
