Global gold prices fell sharply after peace negotiations between the United States and Iran broke down, triggering shifts in currency and commodity markets.
According to Reuters, a strengthening U.S. dollar and a surge in oil prices have heightened investor concerns about inflation. This has also weakened expectations that the Federal Reserve will cut interest rates later this year.
On Monday, spot gold declined by 0.6% to $4,718.98 per ounce, marking its lowest level since April 7. Meanwhile, U.S. gold futures dropped by 1% to $4,742 per ounce.
The report added that the U.S. dollar index rose by 0.4% in global markets. At the same time, oil prices jumped significantly, surpassing $100 per barrel, adding further pressure on gold as investors shift toward currency and energy markets.
