Gold fell nearly 2% on Monday – testing the $4,500 per ounce level – according to market data, as renewed U.S. military strikes on Iranian sites intensified expectations that the Federal Reserve will keep interest rates elevated. Three-month futures in New York also dropped, holding just above $4,500 per ounce.
Overnight, U.S. forces carried out airstrikes on an Iranian military site, according to U.S. Central Command, with the action described as “purely defensive” and designed to maintain the ceasefire, as reported by ZeroHedge [1]. The strikes fueled doubts about an end to the conflict and pushed oil prices higher, adding to inflationary concerns. Optimism over a U.S.-Iran peace deal faded, with both sides accusing each other of breaches.
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