Gold price slips towards $4,000 an ounce

Gold and platinum prices declined on global commodity markets, while silver rose.

COMEX gold futures for August delivery fell by $3.80, or 0.09%, to $4,015 an ounce. Spot gold declined 0.19% to $4,009.81 an ounce. 

September silver futures rose 1.06% to $56.93 an ounce, while spot platinum fell 0.25% to $1,592.60 an ounce.

Analysts cited by Anews.az linked the weakness in gold and platinum to higher energy prices amid renewed tensions between the United States and Iran. Rising energy costs have increased inflation concerns and strengthened expectations that the U.S. Federal Reserve will keep interest rates higher for longer, supporting the dollar.

Silver continued to gain because of strong demand for the metal as both an investment asset and an industrial commodity.