Gold prices decline, almost reaching $2,300 as demand for safe haven assets declines

Gold prices fell on Tuesday in Asian trade due to reduced geopolitical tensions in the Middle East, which weakened the appeal of the yellow metal as a safe haven. Gold prices are falling due to increasing rates and easing tensions in the Middle East. Traders are starting to remove risk premiums from commodity prices as they hope the situation between Iran and Israel won’t escalate.

On Tuesday, precious metals experienced a decline. Silver prices dropped 0.8% to $27.017/oz and platinum futures declined 0.9% to $922.35/oz. The strong dollar, which remained at its five-month high, put pressure on broader metal prices. Copper futures on the London Metal Exchange dropped today. One-month copper futures fell 1.1% to $4.4343 a pound, while three-month copper futures lost 1.2% to $9,749.50 a ton.

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