Gold rolled back from seven-year highs

On Tuesday, the price of gold in Asia fell back from seven-year highs in the $1,582.59 area after tensions in the Middle East declined slightly. Earlier, the metal demonstrated skyrocketing amid the news of escalating tensions in the US and Iran after the assassination of Iranian General Qassem Suleimani by the US military. Today, gold prices fell to around $1,558.45 per troy ounce.

According to experts, the reduction of geopolitical risks occurred due to the lack of an immediate response from Iran. In addition, some profit taking is observed in the markets.

However, market participants continue to exercise caution in their actions. We believe that the conflict between the United States and Iran is at its starting point, so further measures by Tehran and Washington could significantly aggravate the situation.