Silver markets are down by 4% as traders focus on rising Treasury yields.
Gold had a rough week as rising U.S. yields were a problem, while the war, despite the fact that it is continuing, hasn't expanded as far as people may have feared.
The probability of most major central banks hiking this year has increased sharply amid inflationary pressure from the Gulf conflict.
The conflict in Iran adds a layer of complexity, but the broader outlook for metals and mining stocks remains constructive.
Gold continues to see a bit of noise on Friday, as traders continue to see a lot of noise around the world, be it geopolitical and interest rate driven.
Gold: Near-term pressure versus structural support – OCBC
Gold remains under pressure as global interest rate outlook weighs on demand
Gold was hit hard on Thursday as rising US yields pressured prices, with $4,600 now the key level to watch for either a rebound or deeper breakdown.
Gold (XAUUSD) continues to trade lower as the bearish sequence remains active. The decline from the recent peak is unfolding in a clear impulsive structure, which shows sellers still control the trend.
Global markets are in the rare situation where both gold (XAU) and Bitcoin (BTC) are moving lower despite increasing geopolitical tensions. The escalation in the Middle East and surge in oil prices would normally support safe haven assets.
Gold (XAUUSD) surges as Middle East tensions spark safe-haven buying, while a strong USD weighs on Silver. Can XAU hold $4,634 amidst rising US-Iran conflict?
Saudi Arabia Gold price today: Gold rises, according to FXStreet data