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Global gold prices slipped below $4,700 per ounce on May 12 as hopes for a peace accord with Iran faded. Oil rose sharply, adding to concerns about inflation and the possibility that global interest rates may remain higher for longer.
Spot gold fell 1% to $4,685.99 per ounce. US gold futures for June delivery declined 0.7% to $4,693.90 per ounce.
TD Securities’ Bart Melek said higher oil prices are increasing the risk that the Federal Reserve and other central banks may need to raise rates to counter potential stagflation, adding that “gold is reacting in that direction.”
Oil rose more than 3% after hopes for a peace deal with Iran weakened. President Trump said the ceasefire with Iran is “living on life support” as Tehran rejected a US proposal to end the conflict.
Additional data showed US consumer prices rising for the second month in April, lifting annual inflation to the highest level in nearly three years and reinforcing expectations that the Fed will keep rates unchanged for a period.
While gold is often viewed as an inflation hedge, higher interest rates typically weigh on the non-yielding asset.
Joni Teves, Precious Metals Strategist at UBS Investment Bank, said the bank remains positive on gold, adding that underlying support is intact. She added: “We still see gold prices potentially rebounding from current levels and continuing to make new highs this year.”
Investors are also watching the US Producer Price Index (PPI) due on Wednesday, along with a meeting between President Trump and Chinese President Xi Jinping in Beijing from Thursday to Friday.
Spot silver fell 2.4% to $84.06 per ounce after reaching a two-month high earlier.
SP Angel analysts said silver has recently surged on expectations of supply tightness as physical silver demand rises. They also argued that higher oil prices could spur electric vehicle sales, potentially supporting silver demand in renewable energy technologies such as solar.
Separately, Reuters reported that Indian banks resumed importing gold and silver after more than a month-long pause, accepting a 3% import tax—an element that had previously led lenders to halt imports.
Platinum fell 1.7% to $2,096.19 per ounce, while palladium dropped 2.4% to $1,473.00 per ounce.
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