Gold Backtracks as Middle East Tensions Ease Following Strikes

Gold took a tumble as haven demand waned after geopolitical tensions eased in the Middle East.

Bullion dropped as much as 2.8% in its biggest intraday decline since June 2022 to trade as low as $2,324.96 an ounce. While Israel and Iran have traded attacks, raising concerns about an all-out-war in the region, Tehran has played down the impact and significance of Israel’s recent strike, saying on Monday that Israel has received the “necessary response at this stage.”