The renewed conflict between the US and Iran has caused expectations of a rate hike to increase, and the price of gold is falling.

Over the weekend, both the United States and Iran launched attacks against each other, pushing up energy prices. The market once again bet that the central bank would raise interest rates to curb inflation, causing the price of gold to fall in response. On Monday, the price of gold fell by up to 1.2%, dropping below $4070 per ounce. Last week, gold prices fell by a total of 1.4%. The situation in the Strait of Hormuz is unclear: Iran had previously claimed that the waterway would be "closed indefinitely," but the US denied this. The US Central Command stated that the US military's strike was aimed at ensuring freedom of navigation.