Reuters pointed to the fall in the price of gold amid the breakdown of negotiations between the United States and Iran

Global gold prices are declining amid rising oil prices after the failure of negotiations between the United States and Iran, which has increased investors' concerns about continued high inflation and interest rates. This was reported by the Reuters news agency on May 11.

We are actually seeing the disappearance of hopes for an early peace agreement, and gold is under pressure due to a new increase in oil prices," said Tim Waterer, chief analyst at KCM Trade.

The price of gold on the spot market decreased by 1.2% to $4,657 per ounce, while June futures in the United States lost 1.4%, the newspaper notes.

The reason for the deterioration of sentiment was a statement by US President Donald Trump, who rejected Tehran's response to American proposals to resolve the conflict. Against this background, oil prices rose due to continued disruptions to shipping through the Strait of Hormuz and concerns about global supplies of raw materials.

Since the start of the war with Iran, spot gold prices have fallen by more than 8%, the agency added. Investors feared that high energy prices could lead to inflation and a spike in global interest rates, which subsequently led to a drop in demand and value for this metal.

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Prices for precious metals showed an increase against the background of positive signals related to the process of peaceful settlement of the conflict in the Middle East. According to the Comex trading platform on May 6, June gold futures on the stock exchange rose by 3.1% and reached $4,710 per ounce. At the same time, the price of silver increased by 5.9%, to $77.91 per ounce, while platinum added 4.5%, rising to $2,064 per ounce.