Gold Edges Higher as Oil Prices Fall Amid Eased Tensions with Iran

Gold prices rose on Monday, August 3rd, as oil prices declined following US President Donald Trump's decision to hold off on further attacks against Iran. This move slightly eased concerns over inflation and higher interest rates.

The price of spot gold increased by 0.7% to $4,068.54 per ounce, while US gold futures rose 0.9% to $4,066.60.

Other precious metals also saw gains, with silver up 1.4% to $58.46, platinum climbing 0.5% to $1,650.63, and palladium firming 1.6% to $1,293.50.