Gold Holds Near $4,500/oz After 2% Decline as Middle East Tensions Escalate

Gold prices held near $4,500 per ounce on Tuesday following a nearly 2% decline the previous trading day, pressured by escalating Middle East tensions. U.S. forces repelled an Iranian attack while escorting two American-flagged vessels through the Strait of Hormuz, while the UAE reported intercepting Iranian cruise missiles and attributed a fire at Fujairah Port to Iranian drone strikes. Rising energy prices and inflation concerns weighed on bullion, with oil and global bond yields surging as markets anticipate potential interest rate hikes by central banks. Gold has declined nearly 15% since late February.
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