Global gold prices have declined sharply even amid the ongoing conflict involving the United States, Israel, and Iran in the Middle East. On January 28, gold reached 5,303 dollars per ounce but dropped to 4,235 dollars by June 12. Analysts attribute the fall to concerns that central banks will not cut interest rates due to persistent inflation, and may even raise them further to control prices.

The crisis in the Strait of Hormuz has disrupted oil and gas supplies, driving energy prices higher and fueling global inflation. In the United States, inflation has reached a three-year high of 4.2 percent, while a stable labor market has reduced the likelihood of near-term rate cuts. Experts note that gold, which yields no dividends, loses appeal when interest rates and the dollar strengthen.

Reports of a possible US-Iran agreement recently provided slight relief, lifting gold prices marginally. However, analysts caution that even if the war ends, multiple factors will continue to influence gold’s performance in the coming months.