Gold prices slide, close to breaking below $2,300 as safe haven demand wanes
Investing.com-- Gold prices fell in Asian trade on Tuesday, extending overnight losses as easing concerns over geopolitical tensions in the Middle East sapped the yellow metal of safe haven demand.expiring in June fell 1.1% to $2,319.70 an ounce by 00:45 ET . Spot prices were now trading well below a record high of around $2,430 an ounce hit earlier in April.
Gold had been a key beneficiary of increased safe haven demand over the past two weeks, after Iran and Israel both carried out strikes against each other. But after Israel’s latest attack on Iran, reports suggested that Tehran was not seeking immediate retaliation.Easing safe haven demand also made gold more vulnerable to the higher-for-longer outlook on U.S. interest rates, especially after hawkish Federal Reserve signals and sticky inflation readings over the past two weeks.
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