Gold Prices Decline as ROK's Consumer Price Inflation Eases

Gold and silver futures prices were mixed on Monday, according to reports. While gold prices declined by 0.40% to settle at $4,090.50 per ounce, silver prices rose by 0.12% to close at $57.856 per ounce.

The Republic of Korea (ROK)'s consumer price inflation eased in July, breaking a multi-month accelerating trend. The consumer price index (CPI) rose 2.8% in July from a year earlier, falling below 3.0% for the first time in three months.

The Bank of Korea raised its benchmark interest rate by 25 basis points to 2.75% in July, marking a shift towards monetary tightening after nearly three and a half years. The price increase for oil products was significant, rising by 15.5% last month, with gasoline and diesel prices increasing by 12.6% and 21.5%, respectively.