Gold falls 3% after Trump reimposes naval blockade on Iran

Gold prices fell by about 3% in recent trading after US President Donald Trump announced the reimposition of a naval blockade on Iran. The move was followed by a rebound in oil markets, while gold slipped below the key $4,000 per ounce mark.

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The drop took gold to its lowest level since 1 July, according to the source. US gold futures for August delivery fell 2.6% to $4005.7.

Other precious metals also weakened. Silver fell 3.8% to $57.55 per ounce, platinum declined 1.7% to $1,599.47, and palladium lost 2.1% to $1,249.70.

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