Gold, silver, and platinum prices declined on Monday as escalating tensions between the United States and Iran weighed on precious metals markets.
The US Navy fired on and seized an Iranian cargo ship in the Gulf of Oman, reviving concerns before the US-Iran ceasefire expires this week.
Gold, Silver, and Platinum Record Losses as Geopolitical Tensions Escalate
Precious metals have started to unwind last week’s rally. Silver had climbed more than 6% Friday to over $83 on hopes of de-escalation. Iran also temporarily reopened the Strait of Hormuz for commercial vessels.
However, that move reversed once shipping stalled again. Today, the silver price fell 1.07% to $79.89, per Trading Economics data. Platinum led the sell-off with a 2.22% drop to $2,094.20. Gold slid 0.85% to $4,792.48.
Copper retreated 0.80% to $6.0544, coming off its highest close since early February. Zinc and lead also declined.
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On the other hand, industrial and battery metals held up better than precious metals. Lithium gained 1.77%, while iron ore and steel nudged higher.
Brent jumped as much as 7.9%, and WTI climbed over 7% toward $90, reviving inflation concerns that trim Fed rate-cut expectations and weigh on non-yielding metals.
The crypto market was also part of the broader sell-off. BeInCrypto Markets data showed that the total market capitalization declined 1.15% over the past 24 hours. Bitcoin (BTC) dropped below $74,000 in early Asian trading hours today before settling at $74,190 by press time.
All attention now shifts to Wednesday’s ceasefire deadline and a possible new round of negotiations. Trump said US negotiators would fly to Islamabad on Monday.
Iranian state broadcaster IRIB said Tehran had no plans to join the next round, citing unnamed Iranian sources.
However, Al Jazeera reported that Iranian officials would “most probably” attend, citing preparations already underway in Islamabad. Further losses in precious metals hinge on whether either side returns to the table and on the outcome.
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The post Precious Metals Fall as US-Iran Conflict Escalates Ahead of Ceasefire Deadline appeared first on BeInCrypto.
Source: https://beincrypto.com/precious-metals-gold-silver-price-us-iran-ceasefire-hormuz/
