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Gold tumbled, on the verge of breaking below $2,300

By Rana Gharib
23 Apr,2024
Gold tumbled, on the verge of breaking below $2,300

Gold slumped on Tuesday; continuing dips overnight as cooled down worries over geopolitical disruptions diminished the safe haven demand for gold.

Additionally, this trade made gold more susceptible to the greenback's latest gain. projections of an extended period of peaked interest rates put pressure on bullion prices.

Spot gold dipped by 0.9% to $2,305.14 per ounce, while gold futures plunged 1.1% to $2,319.70 per ounce. Spot prices were now trading lower than the record peak of $2,430 per ounce touched earlier in April.

Mounting hopes that the tension between Iran and Israel will not further spike drove traders to factor in risk premiums according to the prices of commodities.

After Israel and Iran both launched strikes on one another during the previous two weeks, demand for safe havens surged, and gold had greatly benefited from this. However, following Israel's most recent strike on Iran, there were rumours that Tehran was not planning on taking swift revenge.

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