Gold Prices Hit Seven-Month Low

Abu dhabi: Gold prices fell on after hitting a seven-month low in the previous session, pressured by higher Treasury yields and concerns over inflation and Federal Reserve rate hikes elevated. Spot gold was down 0.7 percent at $3,979.41 per ounce, as of 03:00 GMT. According to Emirates News Agency, in the previous session, bullion slipped to $3,942.99 per ounce, its lowest point since last November. US gold futures for August delivery lost 1.1 percent to $3,992.70 on Wednesday. Bullion recorded its largest quarterly drop since 2013 on Tuesday, and fell for a fourth consecutive month in June. The dollar strengthened, making greenback-priced bullion more expensive for holders of other currencies, while yields on the benchmark 10-year US Treasury note advanced higher. Spot silver fell 1.4 percent to $57.75 per ounce, platinum lost 0.6 percent to $1,542, having hit its lowest since last November, and palladium inched 0.4 percent lower to $1,199.34.