Gold prices have plunged by more than 4% as the US dollar strengthens, driven by geopolitical tensions from the ongoing US-Israel military actions against Iran. Spot gold was reported at $5,150.89 an ounce, marking its lowest since February 20, while the dollar index climbed to a one-month high. The situation escalated as Iran threatened to fire on ships in the Strait of Hormuz, raising concerns over oil supply and inflation, which in turn affected gold's appeal as a safe haven asset.
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Gold Prices Plunge Amid US-Israel-Iran Tensions and Dollar Strength
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Gold prices have dropped over 4% amid a stronger US dollar and rising geopolitical tensions, particularly due to the US-Israel strikes on Iran. Bitcoin also fell 3% as investors reacted to the oil supply fears stemming from the closure of the Strait of Hormuz.
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