Gold fell below $4,700 per ounce on Monday, retreating from last week’s gains as geopolitical tensions escalated. U.S. President Trump said Iran’s response to his peace proposal was “completely unacceptable,” while reports indicated Tehran offered to transfer some highly enriched uranium stockpiles to a third country but refused to dismantle nuclear facilities. Over the weekend, fresh attacks in the Middle East threatened the fragile ceasefire agreement that took effect in early April. With Washington and Tehran still seeking diplomatic solutions, the Strait of Hormuz remains effectively closed, keeping energy prices elevated and intensifying inflation concerns. Higher energy costs have reinforced market expectations that central banks may further raise interest rates to combat price pressures, which typically weighs on precious metals.
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