WASHINGTON (dpa-AFX) - Gold prices declined on Monday amidst the progress in diplomatic efforts to end hostilities between the U.S. and Iran. Gold futures shed close to half a percent while negotiations to resolve thorny issues in the dispute surrounding Lebanon as well as the Strait of Hormuz also progressed. The decline in the prices of the yellow metal comes amidst a decline in crude oil prices.
Gold Futures for August settlement is currently trading at $4,225.82, shedding 0.47 percent from the previous close of $4,245.90. While the day's trading ranged between $4,153.10 and $4,237.25, the 52-week trading ranged between $3,250.50 and $5,626.80. Gold Futures had touched an all-time high of $5,626.80 on January 29.
The day's price movements have resulted in a weekly loss of 2.8 percent and a monthly loss of 7.2 percent for the yellow metal. Year-to-date losses are at 3.6 percent. The yellow metal's price gain over the 3-year horizon however stands at more than 120 percent.
Spot Gold is currently trading 1.2 percent higher on an overnight basis at $4,208.15 per troy ounce. While the day's trading ranged between $4,136.74 and $4,220.34, the 52-week trading ranged between $3,247.86 and $5,595.46. Spot Gold had touched an all-time high of $5,595.46 on January 29.
At current prices, Gold Futures and Spot Gold have both gained more than 24 percent over the past year.
Brent crude futures for September settlement are currently trading at $78.59, having slipped 1.8 percent from the previous day's close. WTI crude futures for August settlement have also dropped more than a percent in the day's trading and is currently hovering near $75.04.
The Dollar Index which measures the strength of the dollar against a basket of six currencies is 0.07 percent higher in the day's trading. It is currently trading at 100.92.
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