Gold price falls 0.8% to $4,419.60 as US dollar rises
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- Spot gold fell 0.8% to $4,419.60 per ounce as of 0129 GMT on 28 May.
- US gold futures for June delivery declined 0.7% to $4,417.10 per ounce.
- Spot silver dropped 1.7% to $73.34 per ounce.
- Indian commodity markets remained shut on Thursday, 28 May, due to Bakrid.
- Neel Kashkari, Minneapolis Federal Reserve President, warned that consumer prices are still “much too high” and stressed inflation reduction as a top priority.
- Austan Goolsbee, Chicago Federal Reserve President, said energy inflation tied to the war in Iran has created a ‘stagflationary shock’ for Asian economies, making the conflict challenging for India and China.
- Kuwait activated its air‑defence systems on Thursday after “hostile missile and drone threats,” according to a CNBC report.
Why it matters: Investors in precious metals see immediate losses as gold and silver prices slipped, while consumers face higher inflation pressures; the Fed’s warnings underscore that tighter monetary policy may be needed, and Asian economies like India and China risk further strain from rising energy costs tied to the Iran conflict.
