Overview
- Spot gold fell nearly 10% for the week and about 13% since the late‑February Iran war began, with prices briefly touching $4,500 before rebounding to roughly $4,715.
- Prices broke decisively below the $5,000–$5,200 range that held after the conflict started, reinforcing momentum selling and technical pressure.
- The Federal Reserve, European Central Bank, Swiss National Bank, and Bank of Japan kept rates on hold as the Reserve Bank of Australia hiked, and guidance pointed to few or no cuts ahead.
- Rising bond and inflation‑adjusted yields, plus a U.S. dollar up about 2.2% since the war began, have weighed on dollar‑priced gold by increasing its opportunity cost.
- Energy‑supply strikes in the Middle East pushed oil toward four‑year highs, stoking inflation worries, while speculative and retail profit‑taking accelerated the pullback; some strategists still see longer‑term upside but are trimming near‑term targets.