Gold prices drop over 5% amid conflict in Middle East

Gold slid more than 5% on Monday, ‌reaching its weakest level of 2026, Reuters writes.

Spot gold fell 5.8% to $4,226.16 per ounce.

The ​metal dropped more than 10% last week, its worst week since February 1983, ⁠and has also retreated more than 20% from its record peak of $5,594.82 an ounce reached on January ​29.

The decline comes against the backdrop of inflation caused by escalating conflicts in the Middle East.