Gold prices moved lower in global markets on Wednesday as rising oil prices and renewed concerns over prolonged high interest rates in the United States weighed on investor sentiment.
Market data showed that spot gold declined by 0.5 percent to $4,460.36 per ounce, while U.S. gold futures for August delivery fell by 0.7 percent to $4,488.90 per ounce.
The decline comes amid higher crude oil prices linked to ongoing geopolitical tensions in the Middle East, developments that have revived inflation concerns and strengthened expectations that U.S. interest rates could remain elevated for an extended period.
Gold is traditionally viewed as a safe-haven asset during periods of uncertainty, however, higher interest rates tend to reduce its appeal compared with income-generating financial assets.
Investors are also closely monitoring upcoming U.S. employment reports and other economic indicators for further clues regarding the future direction of monetary policy by the Federal Reserve.
Other precious metals also recorded losses during trading, including silver, platinum and palladium, reflecting the cautious mood prevailing across international markets.
For the Moroccan market, movements in gold prices are influenced not only by global trends but also by additional factors such as the exchange rate between the U.S. dollar and the Moroccan dirham, manufacturing costs and retail margins in the jewelry sector.