Gold Retreats as Middle East Tensions Ease Following Strikes

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Gold fell more than 2% to trade near $2,345 an ounce after a five-week rally, the longest such streak in more than a year. Israel and Iran have traded attacks, raising concerns about an all-out war in the region, but Tehran has downplayed the impact and significance of Israel's recent strike. The fact that Iran downplayed Israel's response and signaled no retaliation has taken some risk premium out of the market. Traders are also focusing on US economic data, with the personal consumption expenditures price index projected to show the annual rate rose to 2.6% last month. Gold remains almost 15% higher so far this year, supported by central bank buying and demand from Asia. Spot gold slipped 2.0% to $2,343.48 an ounce, while silver sank about 4.3% after a four-week surge. Palladium and platinum also traded lower.

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https://finance.yahoo.com/news/gold-backtracks-middle-east-tensions-020343999.html