Gold futures prices for one troy ounce (31.1 grams) declined on commodity markets, APA reports.
Based on the exchange data, on New York's COMEX exchange, August gold futures dropped by 1.23%,or $44, to $3,306.9 per troy ounce.
The price of September silver futures on COMEX also declined by 0.40%, falling to $36.78 per ounce.
Analysts say that reduced geopolitical tension (particularly between Israel and Iran), a stronger US dollar, and concerns over the Federal Reserve’s interest rate policy have lowered demand for gold and silver, leading to the price drop.