Gold drops more than 2% to one-week low as Middle East worries
Gold prices dropped more than 2% to a one-week low on Monday as worries over a wider Middle East conflict subsided, prompting investors to scale back safe-haven trades in favour of riskier assets like equities.
Spot gold was down 2.5% at $2,330.51 per ounce as of 1:52 p.m. ET (1752 GMT), and marked its biggest intra-day fall in more than a year.
U.S. gold futures settled 2.8% lower at $2,346.4.
Tehran downplayed Israel's retaliatory drone strike against Iran, in what appeared to be a move aimed at averting regional escalation.
Gold also came under pressure as Wall Street's main indexes opened higher, cutting demand for the safe-haven and non-interest paying asset.
Spot gold was down 2.5% at $2,330.51 per ounce as of 1:52 p.m. ET (1752 GMT), and marked its biggest intra-day fall in more than a year.
U.S. gold futures settled 2.8% lower at $2,346.4.
Tehran downplayed Israel's retaliatory drone strike against Iran, in what appeared to be a move aimed at averting regional escalation.
Gold also came under pressure as Wall Street's main indexes opened higher, cutting demand for the safe-haven and non-interest paying asset.
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