Gold and silver prices fall as tensions rise between the US and Iran, increasing the risk of interest rate hikes.

Gold and silver prices fell, as the United States and Iran launched new attacks against each other over the weekend, pushing up energy prices and once again increasing market expectations of central bank interest rate hikes to curb inflation. The spot price of gold fell by 1.6% at one point, approaching $4,050 per ounce, after a 1.4% decline last week. The navigation situation in the Strait of Hormuz is still chaotic, with the US denying Iran's claim that the waterway has been closed until further notice. The Central Command stated that the US military has launched attacks in response to the fourth attack on a container ship in a week. On Monday, the price of silver fell by 3.1%.