Gold (XAU/USD) price tumbles more than 1.60% on Tuesday as the US Dollar (USD) strengthens on renewed haven demand following US strikes in southern Iran. At the time of writing, XAU/USD trades below the $4,500 mark after reaching a daily high of $4,580.
XAU/USD falls as US-Iran tensions drive investors into USD
Military activity resumed in southern Iran, as Tehran claimed that the US broke the ceasefire deal. However, Washington argued that they conducted defensive attacks aimed at destroying missile launchers and boats attempting to lay mines in the Strait of Hormuz.
US Secretary of State Marco Rubio poured cold water on risk appetite, saying that reaching a deal could “take a few days.”
US equities pared their gains as risk appetite turned sour, pushing investors towards the safety of the US Dollar, which, according to the US Dollar Index (DXY), is up 0.17%. The DXY, which…
