WASHINGTON (dpa-AFX) - Gold futures decreased on Monday as traders opted for profit-taking following the surge on Friday to a new record high after the Israel-Iran conflict began.
Front Month Comex Gold for June delivery fell by $34.80 or 1.01% to $3396.40 per troy ounce. Despite the decrease, this is the fifth highest close for gold.
Front Month Comex Silver for June delivery rose by 9.80 cents 0.27% to $36.379 per troy ounce. Silver has moved higher for three straight sessions.
The Federal Reserve's meeting to decide on interest policy is to set to be wrapped the day after tomorrow. Though consensus is that the central bank will keep interest rates unchanged, all eyes are on the any indications of future rate cuts. Traders believe that the Fed may start easing policy by September.
The US economic data for inflation and jobs last week revealed brighter resilience of the national economy despite the prevailing uncertain conditions brought out by tariffs.
The Middle Eastern crisis that began last week after Israel attacked Iran, with Iran retaliating heavily, is going on for the fourth day with each side attacking the other with drones and ballistic missiles over military as well as civilian locations. The death toll on Iran's side has been more than 220.
However, the Wall Street Journal has reported that Iran is seeking to end the hostility and resume talks on its nuclear programs. As of now, fear of this bilateral conflict expanding or participation of other major powers is slightly diminished.
The new tariff plans that US President Donald Trump shall be imposing on trading partners should give clarity on which way the market is heading and this may have a bearing on gold prices in the coming days.
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