Dubai, UAE — Gold prices hit their highest levels in more than three months on Monday.
Spot gold was up 0.5 percent at $4,627.42 per ounce, as of 01:55 GMT, after hitting its highest level since 15th May earlier in the session, WAM reported.
US gold futures edged 0.1 percent higher to $4,683.80.
Among other metals, spot silver fell 0.3 percent to $68.76 per ounce. Platinum lost 0.5 percent to $1,868.03 while palladium was down 0.3 percent at $1,345.87.
Oil prices fell by more than $1 a barrel on Monday as investors took profits ahead of an expected US announcement on new sanctions against Iran, with markets weighing the potential impact on crude supplies from the Middle East.
Brent crude futures fell $1.22, or 1.29%, to $93.17 a barrel by 0035 GMT, while US West Texas Intermediate crude was down $1.20, or 1.38%, at $85.86.
According to Reuters, both contracts recorded their second consecutive weekly gains last week, rising more than 5%, after peace talks between the US and Iran reached a stalemate and shipments through the Strait of Hormuz remained restricted. The waterway has historically carried about a fifth of the world’s oil supply.
