US-Iran Tensions Weigh Down Gold and Silver Prices

Gold and silver prices fell on Monday due to renewed US-Iran tensions, higher oil prices, and elevated bond yields. The immediate pressure on precious metals is coming from these factors.

On the COMEX, gold futures were down 0.91% at $4,488.60 an ounce, while silver was trading 0.83% lower at $66.44 an ounce. The strength of the dollar can also weigh on gold and silver because both are priced globally in US dollars.

Despite the near-term pressure, the medium-term outlook for gold and silver remains divided. Monarch PMS expects gold to trade between $4,300 and $4,700 an ounce and silver between $70 and $85 an ounce by the end of 2026 in its base case.