Doha: Gold prices edged higher on Monday but remained on track for their worst quarterly performance in 13 years, as inflation concerns linked to the Middle East conflict strengthened expectations of further US Federal Reserve interest rate hikes. Gold prices have been under pressure due to these economic factors, impacting investor sentiment and market stability.
According to Qatar News Agency, spot gold rose 0.3 percent to USD 4,027.03 per ounce, while U.S. gold futures were little changed at USD 4,038.50 per ounce. Despite the slight increase, the precious metal is set for its first quarterly loss since 2024 and its biggest quarterly decline since the second quarter of 2013. This performance reflects the ongoing challenges faced by the gold market amid global economic uncertainties.
Among other precious metals, silver gained 1.9 percent to USD 59.20 per ounce, showcasing a contrasting trend compared to gold. However, platinum fell 1.6 percent to USD 1,549.47, and palladium slipped 0.6 percent to USD 1,206.17 per ounce. These movements in the precious metals market highlight the varied impacts of geopolitical and economic factors on different commodities.