Gold Comes Under Pressure as Iran Tensions, Strong Dollar Cloud Outlook
Gold started the week on a losing streak, shedding about 2% to trade at about $4,521 as tensions in the Gulf escalated and caused oil prices to climb. At the same time, the reserve currency appeal of the U.S. dollar increased and the USD index strengthened. This confluence of factors is weighing on gold and exerting drag on its potential to record price increases. The current ceasefire between Iran and the U.S. is approaching its end and no progress has been made in talks between the warring parties. Additionally, President Trump announced Project Freedom, an initiative in which U.S. naval…