LONDON (DPA)
Gold and silver prices continued to see sharp losses on Monday, with bullion failing to act as a traditional safe haven amid the Iran conflict.
Spot gold fell about 4% in early trading to just above $4,300 per ounce, down more than 18% since the start of US-Israeli attacks on Iran.
Prices had initially surged to nearly $5,420 in the early days of the conflict.
Rising oil prices have increased inflation risks and reduced expectations for near-term interest rate cuts by the US Federal Reserve and other central banks.
Higher interest rates typically weigh on non-yielding assets such as gold.
Monday's decline wiped out all gains made since the start of the year. Gold has fallen nearly $1,300, or about 23%, from its record high of close to $5,600 in late January.
Silver has seen even steeper losses.
Prices have dropped by nearly half from a record high of around $122 per ounce at the end of January.
On Monday, silver fell a further 5% to $64.25, leaving it down more than 30% since the Iran conflict began just over three weeks ago.