Spot gold prices declined by 0.36% to around $4,438 an ounce due to higher odds of a September Federal Reserve rate hike and renewed geopolitical tensions in the Strait of Hormuz.
The market is balancing inflationary pressure from rising oil prices against defensive buying of precious metals.
Spot silver rose 0.91% to about $66.86, supported by safe-haven demand amid U.S.-Iran military escalation.
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