The price of gold continues to decline, with the ounce now hovering around $2,330

On Monday, the price of gold continues to decline, dropping by 2.20%, with the price per ounce reaching $2,337, due to the easing of geopolitical tensions.

On Monday, the price of gold moves away from last week’s historic highs of $2,400 per ounce and sits at levels similar to those of April 10th, when it closed at $2,334, according to Bloomberg data.

Year-to-date, gold has appreciated by 13.33%.

As highlighted by most analysts, as tensions between Israel and Iran decrease, gold loses its safe haven status and its value declines.

Last week, gold remained at historic highs and closed near $2,400, specifically at $2,391

Other precious metals also rose sharply following Friday’s attacks. Platinum futures rose 0.9% to $958.10 per ounce, while silver futures rose 1.1% to $28.70 per ounce.

Among industrial metals, copper and aluminum prices rose to new 2024 highs on Friday, driven by the prospect of tighter supply after the United States intensified its sanctions on Russian metal exports.

Three-month copper futures rose 0.5% to $9,799.00 per ton, while one-month copper futures rose 0.3% to $4.4445 per pound. Both contracts were at their highest levels since May 2022.

Aluminum futures rose 1.3% to $2,651.00 per ton and were at their highest level since January 2023.

Subsequently, also today, they are heading lower as fears of an escalation and widespread war in the Middle East diminish. However, tensions remain high.