Gold prices and SPDR Gold Shares (GLD) opened with a price gap down on April 13.
Geopolitical developments concerning the Strait of Hormuz triggered the market decline. This movement follows a period of strength where the precious metal recorded three consecutive weekly gains.
Previous price support came from a weaker U.S. dollar and robust central bank purchases. Fading tensions related to a separate conflict involving Iran also contributed to the recent rally.
Investors are now shifting focus from previous highs to assess the impact on inflation and safe-haven assets.