Gold drops over 1.5% amid US-Iran tensions

Gold prices declined by more than 1.5% due to escalating tensions between the United States and Iran, which led to a rise in oil prices and increased inflation fears. Spot gold dropped to $4,023.89 per ounce, marking its lowest level in over seven months. Meanwhile, August gold futures are trading at lower levels. Investors are monitoring U.S. employment data to better understand monetary policy trends, amid expectations of interest rate hikes amid continued inflation above the target.

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