On the fourth day of the US-Iran war, investors shifted to the dollar and abandoned gold, causing gold prices to drop 5% intraday

The U.S.-Israel airstrikes on Iran have entered their fourth day, and some investors tend to view the U.S. dollar as a safe-haven asset to cope with the impact of the airstrikes, causing the dollar to rise to a more than one-month high. Meanwhile, traders are also concerned that inflation may heat up, reducing the likelihood of interest rate cuts, leading to a more than 5% drop in gold prices on Tuesday.

Spot gold recently fell by $273 or 5.1% to $5,048 per ounce. April futures gold recently dropped by $283 or 5.2% to $5,034 per ounce.

With U.S. Treasury yields soaring across the board, this has created headwinds for precious metal prices. May silver futures prices fell by 10.1% to $79.9 per ounce. May copper prices dropped by 2.7% to $5.8 per pound. April platinum prices fell by 13% to $2,021 per ounce. June palladium prices decreased by 8.5% to $1,642 per ounce