Gold Falls as Energy Prices Rise and Crude Inventory Builds

New York gold futures for September delivery declined on August 13, settling at $4,405.60 per troy ounce, down $61.90 from the previous session.

The precious metal had reached a two-month high the day before but was weighed down by persistent strength in energy prices and expectations that the Federal Reserve would take a more cautious approach to rate cuts.

WTI crude futures for September delivery also declined, ending at $81.18 per barrel, down $2.09 from the previous day.

The U.S. Energy Information Administration reported a surprise weekly crude inventory build of 17.4 million barrels, defying market expectations for a drawdown and triggering selling pressure in gold and oil markets.