According to independent metals trader Tai Wong, fears surrounding the fragile geopolitical situation have rattled broader financial markets.
“The US and Iran are engaged in a dangerous standoff, raising concerns that the ceasefire could collapse at any moment. That possibility has driven crude oil sharply higher, putting pressure on a range of assets, including gold,” Wong told Reuters.
He added that gold’s surge to nearly $4,900 last Friday now appears increasingly distant, as momentum in the precious metals rally has faded.
