Gold and silver fall after US-Iran tensions lift oil prices

Gold prices fell after new US attacks on Iran pushed oil higher and strengthened expectations of renewed inflation pressure and interest rates staying elevated for longer. Spot gold dropped 0.7% to $4,537.54 an ounce, while US gold futures for June delivery rose 0.3% to $4,538.50. Brent crude climbed more than 2% in Asian trading, reinforcing concerns about higher inflation and a longer period of high borrowing costs. That weighed on gold, which does not yield interest. Silver fell 1.8%, platinum lost 0.9% and palladium declined 1.1%.