Gold price prediction today: Will gold prices continue to fall? Check July 14 outlook
Gold prices are predicted to continue falling due to escalating US-Iran conflict, which has driven oil prices up and put pressure on the yellow metal. The US announced new measures to block Iranian ships and impose a 20% charge on cargo in the Strait of Hormuz, further impacting global markets and commodity prices.
Why it matters
Fluctuations in gold prices, influenced by geopolitical tensions and oil markets, affect investors, global economic stability, and the cost of commodities worldwide, signaling broader market uncertainty.
Gold price prediction today: Gold prices will continue to be influenced by developments on the US-Iran conflict front in the near-term, says Praveen Singh, Head Currencies and Commodities, Mirae Asset ShareKhan.Gold Performance:Spot gold came under renewed pressure at the beginning of the week as yet another skirmish between the US and Iran sent oil prices sharply up on Monday. At the time of writing this article on Monday night, the yellow metal was trading with a hefty daily loss of 2.6% at $4013.In the week ending July 10, the metal closed with a weekly loss of 1.3% at $4121 as risk to oil supplies returned with a fresh round of armed conflict between Iran and the US.Geopolitics and oil:The US and Iran continue to engage in a series of attacks and counterattacks over the control and management of the Strait of Hormuz.
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