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Gold Prices Fall as Renewed Middle East Tensions Shake Markets
(MENAFN) Gold prices started the new week on a downward trend amid a renewed escalation of tensions in the Middle East on Monday.
By 0600 GMT, the price of gold per ounce had dropped below the $4,300 mark, reflecting a 0.7% decline from the previous week’s closing level.
On a broader scale, gold recorded losses of more than 4% over the past week and a 9.2% drop on a monthly basis.
The market movement came as Iran launched missile strikes toward northern Israel late Sunday, marking its first such attack since a fragile ceasefire in April, following Israeli strikes on Beirut’s southern suburbs earlier the same day.
Separately, an Israeli airstrike hit a petrochemical facility in Mahshahr in southwestern Iran on Monday, causing partial damage to the industrial complex, according to Iranian officials.
The Israeli military later said its air force had targeted several sites within the petrochemical complex and stated that additional details would be released later.
By 0600 GMT, the price of gold per ounce had dropped below the $4,300 mark, reflecting a 0.7% decline from the previous week’s closing level.
On a broader scale, gold recorded losses of more than 4% over the past week and a 9.2% drop on a monthly basis.
The market movement came as Iran launched missile strikes toward northern Israel late Sunday, marking its first such attack since a fragile ceasefire in April, following Israeli strikes on Beirut’s southern suburbs earlier the same day.
Separately, an Israeli airstrike hit a petrochemical facility in Mahshahr in southwestern Iran on Monday, causing partial damage to the industrial complex, according to Iranian officials.
The Israeli military later said its air force had targeted several sites within the petrochemical complex and stated that additional details would be released later.
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