Khaberni - Gold prices fell by more than 1% on Monday as the dollar rose, while the uncertainty regarding peace talks between the United States and Iran drove oil prices up and renewed inflation fears.
Gold in spot transactions fell 1.4% to $4762.09 per ounce by 0055 GMT, after dropping to its lowest level since April 13 earlier in the session.
The U.S. gold futures for June delivery also fell 2% to $4781.90.
The dollar index climbed, which increased the cost of gold priced in the American currency for holders of other currencies.
Oil prices surged, and stock markets experienced fluctuating performances, as escalating tensions in the Middle East minimized shipping movements to and from the Gulf, though traders were hopeful for a resolution.
The United States detained an Iranian cargo ship attempting to breach the blockade imposed on Iranian ports, and Tehran announced a response, increasing the likelihood that the ceasefire between the two countries would not last even for the remaining two days.
Iran said it would not participate in the second round of negotiations that the United States had hoped to begin on Tuesday before the ceasefire ends.
Regarding other precious metals, silver in spot transactions dropped 1.7% to $79.42 per ounce, platinum fell 0.8% to $2086, and palladium decreased 0.8% to $1547.10 per ounce.
