WASHINGTON (dpa-AFX) - Gold prices have moved sharply lower during trading on Tuesday, continuing to give back ground following the surge seen in reaction to the U.S. and Israeli attacks on Iran over the weekend.
After surging as much as 3.6 percent to a high of $5,434.10 an ounce in early morning trading on Monday, gold for April delivery pulled back well off its highest but still ended the day up by $63.70 or 1.2 percent at $5,311.60 an ounce.
However, the pullback has accelerated during today's session, with gold for April delivery plummeting $183.80 or 3.5 percent to $5,127.80 an ounce.
The steep drop by the price of gold comes as the value of U.S. dollar is seeing further upside following yesterday's surge, driving the U.S. dollar index up by 0.7 percent to its highest level in over a month.
The dollar has continued to rally as the conflict in the Middle East has contributed to a spike in the price of crude oil, leading to renewed concerns about inflation and the outlook for interest rates.
As the conflict entered its fourth day, U.S. President Donald Trump suggested the war may last four to five weeks but could 'go far longer than that.'
Secretary of Defense Pete Hegseth also offered few details about the duration of the operation against Iran but claimed it will not be 'endless,' framing the conflict as a 'generational' chance to reshape the Middle East.
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