Gold Slides Below USD4,300 as Middle East Tensions Reignite
The spot price of gold slipped beneath the $4,300 threshold by 0600 GMT, shedding 0.7% from the previous week's closing level. The decline extended a broader losing streak, with gold shedding more than 4% over the past week and a steep 9.2% over the past month.
The sell-off came as regional tensions surged back to the forefront. Tehran launched missiles toward northern Israel late Sunday — its first such strike since a fragile ceasefire took hold in April — following Israeli airstrikes earlier that day on Beirut's southern suburbs.
Hostilities escalated further Monday as an Israeli airstrike struck a petrochemical facility in Mahshahr in southwestern Iran, Iranian officials confirming the complex sustained partial damage. The Israeli army subsequently acknowledged the strike, stating that its air force had targeted multiple sites within the petrochemical complex and that additional details would be released in due course.
The renewed conflict has injected fresh uncertainty into global markets, with traders closely monitoring the trajectory of the confrontation for further signals on safe-haven demand.
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