The price of gold fell, influenced by rising oil prices and a stronger US dollar.

The price of gold is falling, under pressure from a stronger US dollar and rising oil prices, while minimal progress in US-Iran negotiations and escalating tensions in the Strait of Hormuz are causing market concerns. "The prolonged energy shock and the resulting sustained inflation risks have reinforced expectations that central banks may maintain high interest rates for a longer period," said Soojin Kim of Mitsubishi UFJ Financial Group. "Therefore, gold continues to face resistance." A high interest rate environment typically suppresses the attractiveness of non-yielding assets such as gold. New York gold futures fell 0.6% to $1,724.30 per ounce. Silver, meanwhile, fell 2.6% to $75.93 per ounce, and platinum fell 2.2% to $2,041.40 per ounce.