Gold prices drop over 3% in the markets.

Gold Prices Plunge Amid Geopolitical Tensions

Gold prices fell by more than 3% on Monday, reaching their lowest level in nearly four months. This decline is attributed to escalating tensions in the Middle East, ongoing concerns about inflation, and expectations of a global interest rate hike.

In the spot market, gold dropped 3.3%, settling at $4,340.09 per ounce, marking the ninth consecutive session of losses.

U.S. gold futures for April delivery also experienced a significant decline of 5%, falling to $4,347 per ounce.

Following the trend in gold, other precious metals also recorded losses. Silver prices decreased by 3.3% to $65.55 per ounce. Platinum fell by 4.4%, landing at $1,838.45, while palladium slipped to $1,398.50.

This widespread decline in precious metals reflects the nervousness among financial markets in the face of geopolitical tensions and the prospect of tightening monetary policies worldwide.