Gold Price Falls as Oil Prices Surge Ahead of Federal Reserve Chair's Testimony

Gold prices dropped by more than 1.2%, reaching approximately $4,072.78 per ounce, due to a surge in oil prices and increased concerns over closing the Strait of Hormuz, following U.S. strikes on targets inside Iran. This led to an approximately 4% rise in oil prices, an increase in the dollar, and a decline in Asian stock markets, amid anticipation of the U.S. Federal Reserve Chairman’s testimony on economic outlooks and monetary policy. Additionally, other precious metals such as silver, platinum, and palladium also declined in price.

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