US EditionGold Just Saw Its Worst Week in Decades. This Is How the Iran War Is Contributing.
Gold dropped 11% this week, its largest loss since 1983, due to steady Federal Reserve rates, rising bond yields, and a stronger dollar amid the Iran conflict, data show.
- Gold dipped below $4,500 a troy ounce this week, posting an 11% decline—its largest weekly loss since 1983.
- The Federal Reserve held interest rates steady on Wednesday, and The Bloomberg Dollar Spot Index rebounded nearly 2% since the Iran war began, raising bond yields and dampening Gold's appeal.
- Holdings in Bullion-backed ETFs fell more than 60 tons over three weeks as Traders sold Gold to raise cash or rebalance portfolios amid market uncertainty.
- JPMorgan Private Bank strategist Yuxuan Tang said Gold initially spiked, "confirming that its geopolitical hedge function remains intact," though market focus could shift to recession risks if the Iran conflict grinds on.
- Wall Street veteran Yardeni maintains a $6,000 year-end target for Gold, though he may lower expectations if the metal continues to defy trends linked to rising government debt.
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Gold just saw its worst week in decades. This is how the Iran war is contributing.
Gold, traditionally seen as a "safe haven" when it comes to investment, had its worst week since 1983 amid uncertainty stemming from the Iran war. The war’s impacts have already been seen in surging oil and gas costs, with prices hovering around and above $100 a barrel. On Friday, they went to $112 for a barrel of Brent crude. Now, this week, gold dropped 11%, closing around $4,497 per ounce as of Friday afternoon. The week started off at $5,02…
Gold prices have fallen by 10 percent since the beginning of the Iran war. Is gold losing its glory as a safe investment?
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Gold just had its worst week since 1983
New York (CNN) — The war with Iran is disrupting global oil flows, damaging energy infrastructure and raising fears of prolonged conflict. But gold, usually considered a safe haven during periods of economic uncertainty, has slumped.
The war involving Iran is affecting the global flow of oil and increasing fear of a prolonged conflict, but, unlike what is customary in times of crisis, gold has recorded a strong decline in international markets. The gold fell about 11% per week, at the largest weekly loss since 1983, and accumulated more than 14% since the beginning of the conflict. In economic uncertainty, investors usually buy gold because they consider it a safe asset, abl…
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