Gold drops 26% from January peak as Middle East conflict fuels Fed rate fears

Gold extended its decline for a fourth consecutive session on Wednesday, slipping to $4,118.18 an ounce and marking a sharp reversal of fortunes for the precious metal. Since reaching its record high in January, gold has fallen by about 26%, with roughly 22% of the drop occurring since the onset of the Iran conflict, a notable development for an asset often favored during times of geopolitical uncertainty. The Iran conflict has sent ripples through global energy markets, with Brent crude prices climbing to $111.99 a barrel on Tuesday, their highest level since May.

Source: CoinTurk News