US-Iran Conflict Sends Gold Below $4,300 as Oil Prices Soar

Gold prices fell below $4,300 intraday to a low of $4,282.45 on September 2 as tensions between the US and Iran escalated, driving up oil prices sharply.

The conflict pushed international oil prices higher, with WTI crude rising 5.09% to close at $90.69 and Brent crude advancing 4.98% to close at $95.20, both reaching their highest closing levels in about five weeks.

Gold has also been under pressure due to rising expectations of Federal Reserve rate hikes, a strengthening US dollar, and rapidly rising US Treasury yields, which make holding gold less attractive due to its lack of interest income.