Gold, Silver Prices Plummet by Over $550 Billion Amid Geopolitical Tensions

The past three hours have seen a significant market correction, with gold and silver losing over $550 billion in value. The metals market opened down on Monday morning, with gold slipping 1.55% and silver sliding 2.75%, wiping out about $470 billion and $101 billion in market value, respectively.

The losses deepened throughout the session, with Comex gold futures falling 2.11% to $4,197.40 an ounce by mid-morning in India, while silver dropped 3.59% to $62.47. Gold is now nearly 25% below its record high of $5,590 set earlier this year on January 28.

The decline in gold and silver prices can be attributed to the increasing geopolitical tensions between Iran and the US, as well as rising bond yields. The Iranian Foreign Minister Abbas Araghchi told NBC that Tehran is ready for a 'doomsday' war if attacked, which has led to an increase in oil prices.

Meanwhile, bitcoin took a hit, sliding to an intraday low of $82,780. Tokenized bullion, such as PAX Gold (PAXG), also fell from around $4,276 to $4,186 across the session.