Doha: Gold prices dropped amid volatile trading Thursday, as rising oil prices heightened concerns about inflation and persistently high interest rates. Meanwhile, investors are awaiting clearer direction on the potential peace talks between the United States and Iran.

According to Qatar News Agency, spot gold fell 0.7 percent to $4,705.09 per ounce, while US gold futures for June delivery declined 0.6 percent to $4,722.10. The ongoing economic uncertainties have led to increased market volatility, impacting investors' confidence in precious metals as stable assets.

Among other precious metals, spot silver fell 1.4 percent to $76.64 per ounce. Platinum lost 1.3 percent to $2,048.25, and palladium dropped 1 percent to $1,529.25. The decline in these metals reflects broader concerns in the commodity markets, driven by fears of inflation and the potential impacts of sustained high interest rates on global economic growth.

Investors are closely monitoring geopolitical developments, particularly the anticipated peace talks between the United States and Iran. These discussions could have significant implications for global oil prices and, consequently, inflation rates, which are critical factors affecting the valuation of commodities like gold and silver.