Gold falls amid expectations of higher-for-longer interest rates

Gold prices fell today as investors assessed the likelihood that major central banks would keep interest rates elevated for longer in an effort to curb persistent inflation.

The dollar rose to its highest level in two months, making gold more expensive for overseas buyers.

Kyle Roda, a financial markets analyst at Capital.com, said: "Short-term volatility in gold depends heavily on how oil is trading and developments in the Middle East. However, the long-term fundamental drivers supporting gold remain very strong."

U.S. President Donald Trump threatened to destroy Iran if an agreement to end the war could not be reached, but he also indicated that a deal could be reached soon amid diplomatic efforts at the United Nations.