Kathmandu — On Tuesday, gold prices in the international market fell by more than one percent. Amid ongoing uncertainty in West Asia and expectations that the U.S. may raise interest rates to control inflation, gold has been pushed toward its biggest monthly decline since October 2008.
Spot gold fell 1.5 percent to $3,956.92 per ounce, while U.S. gold futures for August also dropped 1.7 percent to $3,969.30 per ounce. With this, gold prices have already declined 12.7 percent this month, marking the fourth consecutive monthly fall.
Analysts say high inflation, expectations of interest rate hikes, and a strong U.S. dollar have reduced gold’s appeal. Alongside gold, other precious metals also fell — silver down 2 percent to $57.13 per ounce, platinum down 1.1 percent to $1,557.21, and palladium down 0.4 percent to $1,208.17.
