Gold prices decline as Iran tensions boost US dollar
Spot gold fell 0.9% to $4,572.40 as tensions in the Strait of Hormuz lifted the dollar. High energy prices and hawkish rate signals further pressured the metal.
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Gold fell 0.9% to $4,572.40 on Monday morning as escalating tensions between Iran and the United States strengthened the dollar. Prices dropped after reports of a naval confrontation in the Strait of Hormuz reignited inflation and interest rate fears. For investors, the metal's safe-haven appeal is currently eclipsed by the rising opportunity cost of holding non-yielding assets.
