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Gold Eases As Dollar Strengthens, Markets Await Iran Response
Monday, 23 June 2025 11:43 WIB | GOLD |GOLDEMAS

Gold prices edged lower on Monday as investors preferred the dollar following a U.S. attack on Iran's main nuclear site over the weekend, with markets looking to Iran for a response.

Spot gold was down 0.2% at $3,362.29 an ounce, as of 0341 GMT. U.S. gold futures were down 0.2% at $3,378. "The U.S. attack on Iran's nuclear facilities has seen the dollar receive safe-haven buying in the currency market," said Tim Waterer, chief market analyst at KCM Trade.

"The rise in the dollar has pegged gold back and led to an unusually weak performance by the precious metal despite the risks emanating from the conflict."

The dollar (.DXY) rose, opening a new tab up 0.2% against a basket of currencies, making gold more expensive for holders of other currencies. US President Donald Trump on Sunday raised questions about regime change in Iran following a US attack on a major military site over the weekend, while senior officials in his administration warned Tehran against retaliation.

Iran vowed to defend itself a day after the US dropped a 30,000-pound bunker-buster bomb on a mountain above Iran's Fordow nuclear site.

Meanwhile, Iran and Israel continued to exchange missiles. An Israeli military spokesman said Israeli fighter jets had struck military targets in western Iran.

Stocks fell in Asia on Monday and oil prices briefly hit a five-month high, but there was no sign of panic selling across the board.

The Federal Reserve's latest monetary policy report to Congress, released on Friday, said US inflation remained mildly elevated and the labor market was solid.

On the technical front, spot gold may retest support at $3,348 an ounce, a break below which could open the way to $3,324, according to Reuters technical analyst Wang Tao.

Elsewhere, spot silver rose 0.2% to $36.07 an ounce, platinum rose 0.1% to $1,269.17, while palladium rose 0.2% to $1,046.62. (alg)

Source: Reuters

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