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The price of gold fell below the psychological level of $4,000 an ounce today, while silver recorded even greater losses, as the escalation of the conflict in the Middle East and the rise in oil prices brought back concerns about inflation and United States monetary policy.
At around 13:10 GMT, gold was trading at $3,983 an ounce, down 1.9%, while silver lost 3.6%, falling to $55.67 an ounce.
Silver was hit hardest due to its widespread use in industry, as investors fear rising energy costs could slow global economic activity.
The drop in precious metals comes after the United States carried out new attacks on Iranian targets, prolonging the conflict that has caused disruptions in energy supplies and pushed oil prices sharply higher this week.
On the other hand, US President Donald Trump stated that Tehran has signaled a willingness to return to negotiations, although uncertainty remains high following the practical failure of the interim peace agreement reached last month.
Although gold and silver are traditionally considered safe investments in times of crisis, analysts point out that rising energy prices are fueling expectations of higher inflation in the US.
If inflation continues to accelerate, the Federal Reserve (Fed) could keep interest rates high for longer, or even consider further increases, a development that typically reduces investor interest in non-income-generating assets such as gold and silver.
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