Gold takes a sharp hit as risk appetite returns 📉
Precious metals sold off hard on Feb 17, with GOLD dropping over 2% after signs of progress in U.S.–Iran nuclear talks reduced safe-haven demand. At the same time, the DXY pushed higher, adding more pressure on bullion.
Spot gold slipped near $4,900 as investors rotated out of defensive assets. Silver and platinum followed the move, with silver down nearly 3% and palladium also under pressure.
Key drivers:
• Progress in U.S.–Iran talks easing geopolitical fears
• Russia–Ukraine peace discussions underway
• Stronger U.S. dollar weighing on metals
• Markets awaiting FOMC minutes and PCE data for rate clues
With rate cuts still expected around mid-year, gold’s broader trend remains tied to Fed policy. But in the short term, easing tensions + dollar strength = downside pressure.
Watch Wednesday’s Fed minutes closely 👀