US-Iran Conflict Sparks Sharp Decline in Gold Prices

The US and Iran have escalated their conflict over the Strait of Hormuz, prompting a sharp decline in gold prices.

The latest round of attacks began on Tuesday when the US launched strikes against Iranian military sites, including air defense systems, radar, and communications infrastructure. The targets included Sirik, Konarak, Bandar Abbas, Jask, Asaluyeh, Ahvaz, and Qeshm Island.

Iranian officials signaled further attacks, with Supreme Leader Mojtaba Khamenei saying the armed forces have 'unforgettable lessons' in store for Washington. Colonel Ebrahim Zolfaghari warned that offensive operations against the Americans would continue until they regret their crimes.

The conflict has pushed up energy prices and raised fears of inflation, causing a sharp decline in gold futures. The 10-year government bond hit a record low, making mortgages more expensive and increasing governments' funding costs.