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Gold prices fell on April 20 as the U.S. dollar and oil rose after Iran threatened to retaliate for the U.S. seizure of an Iranian-flagged cargo vessel. The spot price of gold declined 0.3% to 4818.03 USD per ounce, after hitting a session low earlier in the day. U.S. gold futures for June delivery fell 0.8% to 4839.10 USD per ounce. The U.S. dollar index rose to a one-week high before retreating and was trading up 0.1%, as tensions between the United States and Iran resurfaced, keeping markets uncertain about the likelihood of a peace agreement. The yield on the U.S. 10-year Treasury also rose, increasing the opportunity cost of holding non-yielding gold. "The Middle East situation has clearly escalated again, which our gold price forecast slightly tilts toward a downside path due to the risk that oil prices could rise sharply, which could push the dollar and yields higher," said Fawad Razaqzada, market analyst at City Index and FOREX.com. There were signs the ceasefire between the U.S. and Iran could be jeopardized on April 20 after the vessel seizure. Oil rose around 5% amid concerns the ceasefire could collapse, while flows through the Hormuz Strait remained largely disrupted. Although gold is viewed as an inflation hedge, demand for non-yielding assets typically weakens when global interest rates are high. Rates could stay elevated longer due to inflationary pressures from the Middle East conflict. "In this session, gold traders are focusing on the negative near-term factors such as a stronger dollar and higher yields," said Jim Wyckoff, senior technical analyst at Kitco Metals. "Technically, the next upside target for the June gold futures is to close above the key resistance at 5,000 USD." In other metals, spot silver fell 0.8% to 80.18 USD/oz, platinum fell 1.2% to 2,077.35 USD/oz, and palladium fell 0.3% to 1,554.48 USD/oz after hitting a one-week low.
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