US-Iran Tensions Drop Gold Prices

Gold prices dropped by more than 1%, reaching their lowest level in 11 weeks, amid a rise in the dollar and oil prices, following renewed hostilities between the United States and Iran. The increase in the dollar and yields exerted more pressure on the precious metal, despite escalating geopolitical tensions. Concerns over inflation and the possibility of continued interest rate hikes prompted investors to sell gold, while rising oil prices also heightened inflation fears linked to energy tensions.

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