Manama: Gold fell to a three-week low on Tuesday, as elevated oil prices kept inflation concerns high. Spot gold was down 1.1% at $4,628.88 per ounce, as of 0553 GMT, its lowest level since April 7. U.S. gold futures for June delivery fell 1.1% to $4,643.70.
According to Bahrain News Agency, other precious metals also experienced declines. Spot silver fell 3% to $73.23 per ounce, platinum lost 1.5% to $1,953.50, and palladium was down 2.1% at $1,445.50. The fall in gold and other precious metal prices reflects ongoing market reactions to sustained inflationary pressures fueled by increasing oil prices.