Gold Prices Decline Amid Rising Oil Prices and Inflation Concerns

By News Desk on June 3, 2026

Singapore: Gold prices declined today as higher crude oil prices, driven by renewed tensions in the Middle East, increased concerns about inflation and the prospect of interest rates remaining elevated for a longer period.

Spot gold fell by 0.2 percent to $4,476.50 per ounce, while US gold futures for August delivery declined by 0.3 percent to $4,504.40 per ounce.

Other precious metals also recorded losses. Spot silver dropped by 0.5 percent to $74.73 per ounce, while platinum fell by 0.2 percent to $1,932.25 per ounce.

Palladium also declined by 0.3 percent, reaching $1,365.25 per ounce.

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