Gold retreated on Thursday from its highest level in two weeks, settling at $4,132.01 per ounce in spot trading as of 03:24 GMT, after touching $4,165.87 in the previous session, the metal’s strongest reading since 7 July.
US gold futures for August delivery fell 0.4% to $4,134.60.
The pullback came against a backdrop of rising oil prices, which climbed to their highest in more than six weeks as Middle East tensions intensified. The dollar slipped 0.1%, making dollar-priced gold cheaper for holders of other currencies, while US two-year Treasury yields rose to a 17-month high, adding a competing pull on safe-haven demand.
Other precious metals moved higher. Silver gained 0.3% to $59.90 per ounce in spot trading, platinum climbed 0.7% to $1,656.24, and palladium added 0.8% to reach $1,301.25.
