Gold prices drop as investors, unsettled by the Iran crisis, keep seeking safety in the US dollar
Commodity Markets React to Ongoing Conflict
On Monday, oil prices surged past $100 per barrel, reaching heights last seen in 2022, as the ongoing conflict showed no signs of resolution and heightened fears of a prolonged disruption in supply.
Meanwhile, gold futures dropped by $56.90, or 1.1%, to $5,101.80 per ounce. This decline erased the 1.6% gain from Friday and matched last week's losses, marking the steepest weekly percentage drop since late January. Silver also experienced a downturn, falling 47 cents, or 0.5%, to $83.82 per ounce. The metal saw nearly a 10% decrease over the past week, its sharpest decline since January 30.
Amid these market shifts, investors sought safety in the U.S. dollar, leading to a rise in the ICE Dollar Index DXY.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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