Gold prices fell today after reaching a two-week high.
This comes amid anticipation of the U.S. Federal Reserve meeting and rising oil prices due to tensions in the Middle East.
Gold prices fell slightly today, after hitting their highest level in about two weeks during the previous session.
This decline comes amid escalating tensions in the Middle East.
Meanwhile, investors are awaiting next week’s U.S. Federal Reserve meeting to gauge its stance on interest rates.
Spot gold settled at $4,132 per ounce.
It had earlier touched $4,165, its highest level since July 7.
U.S. gold futures also fell 0.4% to $4,134 per ounce.
In contrast, oil prices continued to rise to their highest levels in more than six weeks.
The U.S. dollar fell by 0.1%, making gold less expensive for investors holding other currencies.
However, rising U.S. Treasury yields limited the yellow metal’s gains.
Analysts expect the Federal Reserve to keep interest rates unchanged at its next meeting.
Meanwhile, estimates indicate a 77 percent probability of a rate hike in September.
As for other precious metals, they all posted gains, with silver, platinum, and palladium prices rising during trading.
