📊 Global Gold Prices Hit 1.5-Month Low Amid Rising Oil and Rate Concerns

Global gold prices fell to a 1.5-month low on Monday as escalating Middle East tensions pushed crude oil higher, sparking inflation fears and expectations of prolonged high interest rates. • Market Figures: Spot gold dropped 1.1% to US$ 4,488.99 per ounce, its lowest since March 30. U.S. gold futures for June delivery fell 1.5% to US$ 4,493.30. Spot silver slid 2.2% to US$ 74.30, while platinum and palladium fell 0.6% and 1.2% respectively. • Geopolitical Drivers: Crude oil hit a two-week high following a drone strike on a UAE nuclear power plant and intercepted drones in Saudi Arabia. Higher energy costs have raised bets on a U.S. Federal Reserve rate hike by December (currently at a 50% probability), reducing the appeal of non-yielding bullion. • Regional Impacts: Major consumer India has banned silver imports in nearly all forms with immediate effect to defend the rupee. Gold discounts in India hit record highs last week, whereas Chinese investment demand kept premiums firm.