The price of gold is falling amid the escalating tensions in the Middle East. Last weekend, Tehran again announced the closure of the Strait of Hormuz due to the US's refusal to lift its naval blockade of Iran. Furthermore, according to IRNA, Iran is refusing a second round of talks with the US. The outlet reports that Tehran is unwilling to discuss a settlement due to Washington's excessive demands and unrealistic expectations, as well as the continued US blockade of the Strait of Hormuz, which it views as a violation of the ceasefire.
By 9:00 AM, gold futures fell 1.44% to $4,809.20 per troy ounce. Previously, the price had fallen as low as $4,752 per troy ounce.
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