Gold prices fell 1.7% with Houthi involvement in Middle East
Business
Gold prices slid 1.7% on Monday after fighting in the Middle East escalated, with Iran-backed Houthi rebels now involved.
The turmoil is shaking up global markets; last week's small gains vanished, and gold's usual "safe bet" status is fading as shipping routes face the risk of disruption and inflation worries grow.
Turkey sold and swapped gold
With concerns about shipping via the Red Sea and crude oil prices climbing amid fears of a near-closure of the Strait of Hormuz, things are getting bumpy for investors.
Turkey sold and swapped about 60 tons of gold worth more than $8 billion.
As central banks consider raising interest rates to fight inflation, spot gold fell to $4,436.63 an ounce in Singapore, showing just how much global uncertainty is driving these swings.