Gold Prices Tumble Amid Iran Conflict, Set for Worst Month Since 2008
Gold and silver prices surged on Tuesday as investors turned to safe-haven assets amid concerns over the ongoing conflict between Iran and the US and Israel. The Strait of Hormuz, a key oil shipping route, remains a focal point in the tensions.
In a post on Truth Social, President Trump urged countries like the UK to 'build up some delayed courage' and take control of their own security, stating that the US will no longer be there to help them. He added that Iran has been 'decimated', but the hard part is yet to come.
Gold futures contracts traded at around $4,616 an ounce, up 1.3% in the afternoon, while silver prices rose 3.5% to nearly $73 per ounce. However, gold and silver are set for their worst months since 2008, with gold down 11.9% and silver over 31% for March.
According to Wayne Nutland of Shackleton Advisers, gold's decline has been exacerbated by the strength of the gold price going into 2026 and a desire amongst investors to liquidate profitable positions.