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Gold slips below $4,700 amid rising dollar and oil prices
12-May-2026 14:24
Gold slipped below $4,700 an ounce while silver futures moved toward $84 an ounce on Tuesday, reversing earlier gains as a stronger US dollar and rising oil prices pressured bullion markets. Investor concerns remained elevated after President Donald Trump questioned the sustainability of the US-Iran ceasefire and rejected Tehran's latest peace proposal, intensifying fears that the Strait of Hormuz could remain disrupted for an extended period. The dollar index climbed toward 98.5 on renewed safe-haven demand, limiting gains in precious metals despite persistent geopolitical uncertainty and inflation concerns. Meanwhile, MCX June gold futures traded largely flat at Rs 1,53,703, while July silver futures declined 0.6% to Rs 2,76,634 per kg as investors awaited the latest US inflation data for further clues on the Federal Reserve's policy outlook.

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