Gold Slightly Declines Amid Ongoing Inflation Concerns

On April 24, during early Asian trading, gold saw a slight decline due to rising oil prices stemming from the conflict between the U.S. and Iran, which has led to persistent concerns about increasing inflation. Spot gold fell by 0.2%, trading at $4,696.93 per ounce. Samer Hasn, a senior market analyst at XS.com, stated in an email: “The lack of a clear peace treaty or diplomatic roadmap between the U.S. and Iran has left energy assets in the Strait of Hormuz and the Gulf region in a state of strategic paralysis.” The senior market analyst added that this situation “forces gold to give back gains due to concerns that interest rates will remain high for an extended period.” Rising interest rates typically diminish the appeal of this non-yielding precious metal. (Zhitong Finance)

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