Doha: Gold prices fell on Thursday after a two-session rally, as investors awaited clearer signs of progress in efforts to reduce tensions in the Middle East, with caution still prevailing in the markets. Gold spot prices decreased by 1% to $4,476.51 per ounce, while US gold futures for April delivery lost 2.1% to $4,457.

According to Qatar News Agency, the downturn in gold prices reflects investor sentiment as markets assess potential de-escalation in the Middle East. Despite the recent rally, the lack of concrete developments in peace efforts has led to a cautious approach among investors.

Additionally, the precious metals market saw declines across the board. Spot silver fell 1.9% to $69.90 per ounce, spot platinum decreased by 1.4% to $1,893.60, and palladium dropped 2% to $1,394.83, indicating a broader trend of market hesitation amidst geopolitical uncertainties.