Gold Falls Despite US Strike on Iran, Oil Surges
Gold declined even after the US launched new strikes on Iran in response to an attack on tankers, while crude oil prices jumped as Washington revoked Iran's oil sale license.
XAUUSDUSOIL
The United States carried out a fresh military strike against Iran last night, retaliating for an Iranian attack on three tankers in the Strait of Hormuz. Washington labeled the action a clear violation of the ceasefire. The Treasury subsequently revoked Iran's license to sell oil, further tightening sanctions.
Crude oil prices surged on the escalation, but gold moved lower, declining despite what would normally be considered bullish geopolitical news. The metal's drop suggests a risk-on shift or profit-taking in haven assets.
Source: FXStreet Forex News