Gold, silver rates today: Comex gold drops $117/oz; silver tumbles $2.4 as Iran-US tensions trigger oil price rebound

Key points

• Amid uncertainty over a potential end to the three-month-long conflict in the Middle East, precious metals traded sharply lower in Monday’s session.
• The latest escalation in the region has reinforced concerns that inflation could remain elevated, potentially keeping interest rates higher for longer.
• Comex gold dropped another $117 per troy ounce to the day’s low of $4,476, erasing all of its recent gains and putting the metal on track for a second consecutive day of losses.
• Gold has closed the last four months in the red and has lost more than 13% of its value since the beginning of the conflict.
• Silver prices also remained under pressure, falling nearly $2.4 per ounce to the day’s low of $73.5. The white metal, which is typically more volatile than gold, wiped out all of its May gains in today’s trade.