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Forex

$4200 Gold Price Tumbles Amid US-Iran Tensions and Hawkish Fed Bets

Guavy AI Editorial Team
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USD
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The price of Gold fell by approximately 2% to around $4,200 as it tested a critical support level. This decline comes amidst renewed geopolitical tensions between the United States and Iran.

Over the weekend, Iran stated that it was awaiting a definitive US response to its proposal to reopen the Strait of Hormuz. The situation has led to increased oil prices and inflation fears, supporting the US Dollar (USD) and US Treasury bond yields.

The increased bets on an October US Federal Reserve (Fed) interest rate hike provide additional legs to the USD uptrend, spelling doom for Gold. Markets are pricing in a 66% chance of a rate hike in October, according to CME Group's FedWatch Tool.

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