Gold Prices Fall Amid Gulf Tensions; Eyes on Economic Data Releases

Gold prices have fallen amid escalating tensions in the Gulf region, fanned by growing concerns over inflation and increased likelihood of interest rate hikes by the U.S. Federal Reserve. On Monday (local time), New York gold futures prices dipped due to heightened worries about inflation stemming from recent armed clashes in the Persian Gulf region and expectations that the Fed will raise interest rates, which has dampened investor sentiment towards gold. Gold, which offers no interest, becomes relatively less attractive when economic uncertainty rises.

U.S. gold futures fell 0.9% to $4,049.90 per ounce, with August delivery prices dropping 0.8% to $4,063.50 per ounce. As of 9:56 AM (U.S. Eastern Time) on the 29th, gold prices stood at $4,045.10, down $51.30 (-1.24%), while silver also declined by $1.109 (-1.87%) to $58.115.

The U.S. and Iran are scheduled to meet in Doha, Qatar, on the 30th to discuss a resolution to disputes over the Strait of Hormuz. Amidst the uncertainty surrounding these conflicts, international gold prices (XAU/USD) have fluctuated below the $4,100 per troy ounce mark.

This week features key economic data releases, including negotiations on Iran's implementation of a memorandum of understanding (MOU), as well as the U.S. May Job Openings and Labor Turnover Survey (JOLTS), June Consumer Confidence Index, and June Nonfarm Payroll and unemployment rate reports.

According to the Korea Gold Exchange, as of June 30th at midnight, the price for pure gold (24K, 3.75g) was 885,000 won for purchase and 732,000 won for sale. 18K gold was priced at 538,100 won for sale, and 14K gold at 417,300 won. Platinum was priced at 352,000 won for purchase and 286,000 won for sale, while silver was 12,180 won for purchase and 10,180 won for sale.