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.
You may also like
Circle Agent Marketplace Brings USDC Payments and Live Data Tools to Arc Blockchain
Expert Presents BlackRock XRP Endgame. Here’s What Happened
NASDAQ TRADE HALT CONTINUES <NIAAU.O> REASON NOT AVAILABLE AT 03:28 AM
NASDAQ TRADE HALT CONTINUES <FBGL.O> HALT NEWS PENDING AT 08:59 PM
