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Gold Falls to $4,700 Per Ounce on Tuesday as Middle East Tensions Rise

GateNews
Metals

Gold prices fell to around $4,700 per ounce on Tuesday, erasing earlier gains as Middle East tensions escalated. Uncertainty over the region and prolonged closures at the Strait of Hormuz pushed oil prices higher and intensified inflation concerns. U.S. President Trump rejected Iran’s latest peace proposal, calling a U.S.-Iran ceasefire agreement “precarious,” and is expected to meet with his national security team to discuss potential military operations and shipping escort plans through the strait. A stronger U.S. dollar also weighed on gold prices.

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