Gold prices fall
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Gold prices fell on Monday as the dollar firmed and oil prices rose due to rising tensions in the Middle East. The Strait of Hormuz closure and US-Iran conflict revived inflation fears, impacting gold demand.
Gold prices dropped on Monday as the dollar strengthened and oil prices surged due to escalating tensions in the Middle East. Spot gold fell 0.7% to $4,792.89 per ounce. The US-Iran conflict has revived inflation fears, driving up yields and the US dollar. The dollar index strengthened, making gold more expensive for other currency holders. Gold demand in India remained muted during a key buying festival due to record prices. Gold prices have fallen about 8% since the US and Israel launched strikes on Iran in late February.
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