Gold price nears a month low amid easing global tensions

Gold fell by more than 1% on Friday to its lowest level in almost a month due to easing geopolitical and trade tensions, and as investors awaited US inflation data for clues on the future trajectory of interest rates, UNN reports, citing Reuters.

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Spot gold lost 1.4% to $3282.68 per ounce by 10:55 GMT (13:55 Kyiv time), its lowest level since late May. Prices fell more than 2% this week and more than $200 from the record high reached in April.

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US gold futures fell 1.6% to $3294.50.

The Iranian-Israeli ceasefire agreement, brokered earlier this week by US President Donald Trump, is still holding.

A White House official said on Thursday that the US had reached an agreement with China on how to accelerate the supply of rare earth metals to the US.

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"The loss of safe-haven demand means that, despite the latest dollar dip, gold has not benefited at all," said Fawad Razaqzada, market analyst at City Index and FOREX.com.

Despite its reputation as a hedge against inflation and uncertainty, zero-yield bullion loses its appeal in an environment of high interest rates.

Spot silver fell 1.8% to $35.96. Platinum fell 5.9% to $1334.63, reaching its highest level since 2014. Palladium fell 1.2% to $1117.96.

The main reason for the rise in platinum price was likely the high discount to gold, which is apparently considered too expensive, according to a Commerzbank note.