HONG KONG — Gold prices have continued to weaken despite escalating tensions in the U.S.-Israel conflict with Iran, breaking from the metal’s traditional role as a geopolitical hedge, as fading expectations of interest rate cuts and a stronger U.S. dollar weigh on sentiment, analysts said. The metal has declined about 15 percent since a brief surge on March 2, when prices climbed to around $5,300 per ounce after the U.S. and Israel began their strikes on Iran. A modest rebound driven by technical buying on Friday did little to alter the broader downtrend, with prices ultimately falling to around $4,500. Lynn Song, chief economist for Greater China at ING, described the downturn as “a bit of a pullback” following an overheated rally. Higher oil prices, which had contributed to a more hawkish global central bank outlook, had also weighed on gold, Song said, noting that the metal was a non-yielding asset. Typically, a surge in oil prices fuels inflation, erodes the value of fiat currencies and supports gold as a key real asset. This time, however, the U.S. Federal Reserve’s delay
Why gold slides despite escalating geopolitical tensions
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