SINGAPORE – Spot gold declined 1.3 percent to $4,694.48 an ounce, while U.S. gold futures dropped 1.9 percent to $4,723.70.
The decline came as broader financial markets reacted to geopolitical and macroeconomic signals. Brent crude surged more than 4 percent, while U.S. 10-year Treasury yields and the dollar index also rose, negatively impacting the dollar-denominated metal.
Despite recent gains, gold recorded an 11 percent decline in March – its steepest monthly drop since 2008 – amid heightened volatility following the outbreak of war with Iran on February 28. The conflict has driven up oil prices and fuelled inflationary pressures, casting a shadow of uncertainty over the Federal Reserve’s (the US central bank) monetary policy path.
Other precious metals also retreated. Spot silver fell 2.9 percent to $72.95; platinum dropped 1.8 percent to $1,928.26;and palladium declined 1.4 percent to $1,451.85.
