Gold Prices Plummet Amid US-Iran Tensions, Brent Crude Surges

Gold prices hit their lowest level in seven weeks on Monday, falling below $4,200 an ounce. This downward trend is attributed to stalled U.S.-Iran negotiations, which have kept oil prices elevated and strengthened expectations of further Federal Reserve tightening to contain inflation.

Brent crude rose above $106 per barrel after President Donald Trump rejected Iran's latest proposal to reopen the Strait of Hormuz, raising concerns that restoration of oil flows through the critical waterway could face further delays.

The U.S.-Iran tensions have a significant impact on global markets. The stalled negotiations and heightened expectations of Federal Reserve tightening have contributed to gold's decline.