Gold Prices Plunge to $4,300 Support Amid US-Iran Tensions

Gold prices plummeted to $4,300 support levels ahead of key US data releases, as traders await developments in the ongoing US-Iran conflict. The precious metal has been sensitive to tensions between the two nations, and its price has fluctuated accordingly.

The selloff in oil prices, which has eased inflation and rate hike concerns, has also weighed on gold prices. However, if US data starts surprising to the downside, expectations for aggressive rate hikes will likely be reduced, giving gold an additional boost.

On a technical analysis perspective, gold's price has pulled back to its key support zone around $4,300, and buyers are expected to step in at this level. If the price breaks below this support, it could target new lows.