REUTERS

Gold rose on Thursday on ‌dip-buying, but was on track for a second straight monthly fall as elevated oil prices kept fears of inflation and higher-for-longer interest rates alive.

Spot gold was up 1 percent at $4,588.09 per ounce, as of ​0736 GMT, after falling to its lowest point since March 31 in ​the last session. Bullion was down about 1.7 percent so far this month.

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US gold futures for June delivery rose 0.4 percent to $4,578.10.

“Gold has struggled again this month ​as oil strength has dominated the narrative. Rising crude pushes up inflation expectations and interest ​rate forecasts, which in turn caps gold’s appeal,” said Tim Waterer, chief market analyst at KCM Trade.

However, “a combination of bargain-hunting and expectations that a peaceful resolution to the (US-Iran) conflict will be found at ​some point are providing something of a floor for gold,” he said.