Gold falls as dollar strengthens

Gold bars

Gold and silver prices declined on Tuesday as markets monitored developments in the Middle East conflict ahead of US inflation data, amid intensified legislative moves this week to confirm Kevin Warsh as Federal Reserve Chair.

Gold futures for June delivery fell 0.55%, or $25.60, to $4,703.10 per ounce.

Spot gold declined 0.85% to $4,695.18 per ounce, while silver fell around 2.25% to $84.11 per ounce.

The US dollar index, which measures the currency against a basket of six major peers, rose 0.3% to 98.23 at 10:11 a.m. Makkah time.

Silver futures for July delivery lost 1.9% to $84.30 per ounce. Spot platinum dropped 3.25% to $2,065.99, while palladium fell 1.7% to $1,483.75.

Investors are awaiting US consumer price index data later on Tuesday, with expectations that annual inflation will accelerate to 3.7% in April.

The US Senate also moved closer to confirming Warsh, voting 49–44 to advance his nomination to the Federal Reserve Board of Governors. Republicans are seeking to install him as Fed Chair for a four-year term before Jerome Powell’s term ends on Friday.