Gold dips amid renewed Mideast conflict

AI Summary

Renewed conflict between the US and Iran has caused sustained high oil prices, producing a downturn in gold value to approximately US$3,500-3,600 per ounce. This geopolitical tension is influencing commodity markets and the energy sector significantly.

Renewed hostility between the US and Iran, which has caused oil prices to remain elevated longer than expected, has triggered a fresh downturn in gold prices, potentially dipping to US$3,500-3,600 an ounce or 60,000 baht per baht-weight domestically, says Kritcharat Hirunyasiri, chairman of MTS Gold.