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Commodities

Gold Prices Plummet Amid US-Iran Tensions and Rate Hike Expectations

Guavy AI Editorial Team
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Gold
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Gold prices tumbled to their lowest level in over three weeks on Wednesday as renewed tensions between the United States and Iran fueled inflation concerns, strengthened rate-hike expectations, and pressured precious metals.

The spot gold price fell 0.6% to $4,302.99 per ounce by 0425 GMT, reaching its lowest level since August 7. This decline marked the precious metal's fourth consecutive session of losses.

Gold also remained below its 200-day moving average, a closely watched technical indicator that can influence investor sentiment and trading strategies.

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