Gold Tumbles as Haven Demand Wanes Amid Easing War Risks

Bullion plummets after the best run of weekly gains since 2023
Traders look ahead to US price data for monetary-policy clues

Gold remains more than 15% higher so far this year, with gains supported by central-bank buying and demand from Asia, especially China. — Gold remains more than 15% higher so far this year, with gains supported by central-bank buying and demand from Asia, especially China.
Photographer: Anindito Mukherjee/Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Yvonne Yue Li

April 22, 2024 at 2:03 AM UTC

Updated on

April 22, 2024 at 7:16 PM UTC

This article is for subscribers only.

Gold took a tumble as haven demand waned after geopolitical tensions eased in the Middle East.

Bullion dropped as much as 2.8% in its biggest intraday decline since June 2022 to trade as low as $2,324.96 an ounce. While Israel and Iran have traded attacks, raising concerns about an all-out-war in the region, Tehran has played down the impact and significance of Israel’s recent strike, saying on Monday that Israel has received the “necessary response at this stage.”