New Delhi, May 28 -- Gold prices declined in international markets on Thursday, 28 May, amid a stronger US dollar and a fresh US attack on Iran, which rattled global commodity markets.

This has raised fears that inflation could remain elevated for longer than expected. These developments also point towards the possibility of higher interest rates in the near future.

Spot gold fell 0.8% to $4,419.60 per ounce as of 0129 GMT, while US gold futures for June delivery declined 0.7% to $4,417.10. Silver prices also came under pressure, with spot silver declining 1.7% to $73.34 per ounce. Indian commodity markets remained shut on Thursday, 28 May, due to Bakrid.

The focus of global market participants is on a resolution to the ongoing dispute...