Gold Plummets As Renewed U.S.-Iran Hostilities Raise Concerns Of Inflation, Fed Rate Hike

Gold prices plummeted following a renewed escalation in the U.S.-Iran conflict, which included Iran closing the Strait of Hormuz and attacking a container vessel. This geopolitical tension has driven crude oil prices higher, raising concerns about inflation and a potential rate hike by the U.S. Federal Reserve. Both gold and silver saw significant drops in their August month delivery prices.