Gold and silver prices tumbled to one-month lows on Thursday as the escalating US-Israel war with Iran dashed market hopes for imminent Federal Reserve rate cuts. Futures for both metals plunged, with gold settling at $4,588.70 an ounce after seven straight sessions of losses, while silver hit $70.39 miles from their January peaks above $5,600 and $120 respectively.
These precious metals had enjoyed a blistering rally earlier this year, fuelled by the US capture of Venezuelan leader Nicolás Maduro and tariff jitters. Traders piled in, betting on their classic safe-haven status amid brewing global storms. But the Iran conflict flipped the script, turning what should have been a boon into a brutal sell-off.
