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Precious metals fell sharply on Monday, with gold, silver and platinum all posting significant losses. The move comes as investors are fleeing traditional safe-haven assets amid a tense geopolitical climate in Iran and the Middle East.
Spot gold prices fell 7.8% to around $4,126 an ounce. Futures contracts, meanwhile, fell more sharply, by around 10%, to their lowest level in 2026. On a weekly basis, gold has lost around 10%, recording its weakest performance since 2011.
Silver was also under pressure, with spot prices down 8.3% to $62.24 an ounce, the lowest level this year. Futures contracts fell 11.7%. Since late February, silver prices have almost halved from the $117 level.
The decline was also reflected in other metals, with platinum falling by 10.6%, while palladium by 6.7%, indicating a broad correction in raw materials markets.
Shifting capital towards other alternatives
The decline in gold comes at a time of heightened geopolitical uncertainty, which usually favors safe-haven assets. However, this time markets are being weighed down by expectations of rising interest rates, driven by inflationary pressures, particularly from energy prices.
In this situation, government bonds are being considered more attractive, attracting capital from non-income-generating assets, such as gold and silver.
However, eurozone bond yields are also rising, signaling a high level of uncertainty in global markets. Escalating tensions in the Middle East are limiting safe-haven investment options and prompting portfolio rebalancing in an unstable economic environment.
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