Gold drops 26% from January peak as Middle East conflict fuels Fed rate fears

Gold extended its decline for a fourth consecutive session on Wednesday, slipping to $4,118.18 an ounce and marking a sharp reversal of fortunes for the precious metal. Since reaching its record high in January, gold has fallen by about 26%, with roughly 22% of the drop occurring since the onset of the Iran conflict, a notable development for an asset often favored during times of geopolitical uncertainty. The Iran conflict has sent ripples through global energy markets, with Brent crude prices climbing to $111.99 a barrel on Tuesday, their highest level since May. Persistent attacks on shipping and concerns over the security of Saudi energy infrastructure have kept oil markets on edge, although prices later settled lower at $108.79.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to CoinTurk News.