Gold Prices Decline Amid Geopolitical Tensions and Rate Outlook Uncertainty

The global gold market saw slight declines on August 19 as traders continued to monitor geopolitical tensions and the Federal Reserve's rate outlook. The COMEX gold futures slipped by 0.28% to $4,450.80 per ounce, while silver fell 1.38% to $63.15 per ounce.

The uncertainty surrounding the Strait of Hormuz, with both sides maintaining control claims, has elevated geopolitical risk and kept gold prices volatile.

Markets are awaiting the FOMC meeting minutes for further cues on the Fed's rate outlook and its implications on gold's direction. The US-Iran Memorandum of Understanding ending without an extension or fresh talks being proposed added to market caution.