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Commodities

Gold Tumbles Over 3% Amid Rising Oil Prices and Inflation Fears

Guavy AI Editorial Team
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Oil Gold
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Gold prices plummeted over 3% on Monday after US President Trump's rejection of Iran's proposal to ease tensions in the region and reopen the Strait of Hormuz, fueling inflation fears and pushing up oil prices.

The sharp acceleration in gold's decline sent the precious metal to its lowest point in nearly two months, with the biggest daily loss since August 28.

According to technical analysis, the break of the pivotal $4630 zone marked a significant bearish signal, suggesting a continuation of the larger downtrend from the peak of $4697 on August 25.

The bears also broke below the ascending and thickening daily Ichimoku cloud, further solidifying the bearish configuration.

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