Gold prices drop nearly 2% as US sends Marines to Middle East
Business
Gold prices slid nearly 2% on Friday after the US deployed more than 2,000 Marines to the Middle East in response to recent tensions with Iran.
Spot gold now sits at $4,563.64 per ounce, with April futures at $4,574.90.
Gold's recent fall explained
Big military moves tend to shake up global markets, and this one's no different.
Investors are worried about oil supply disruptions and rising geopolitical risks, so many rushed out of gold.
Plus, a stronger US dollar and fears of higher interest rates are making gold (and other metals) less appealing right now.
Other precious metals also took a hit
It wasn't just gold feeling the pressure: silver dropped 4.8%, platinum slipped 0.9%, and palladium fell 1.6%.
The whole precious metals market is reacting to the uncertainty sparked by these global events.