28.05.2026 11:31
The expansion of US military operations against Iran has caused sharp fluctuations in global markets. As investors sought safe havens, the dollar strengthened while gold lost 1.7%, marking its steepest decline in two months. Following tensions in the Strait of Hormuz and Iran's announcement that it targeted a US base, oil prices rose by over 3%. The Federal Reserve's message that "we will raise interest rates if necessary" also increased selling pressure in the markets.
The escalating military tension between the USA and Iran has caused an earthquake effect in global markets. As investors favored the dollar over gold as a safe haven, precious metals came under heavy selling pressure.
GOLD SEES BIGGEST DROP IN TWO MONTHS
Under the influence of panic in global markets, the spot gold price per ounce fell 1.7% to $4,380. Gold tested its lowest level since March 26 during the day.
US gold futures also traded down 1.6% at $4,377. Experts note that this sharp pullback is the largest loss in the last two months.
SAFE HAVEN PREFERENCE SHIFTS
One of the most notable developments in the markets was investors turning to the dollar instead of gold as a safe haven. The rapid appreciation of the US dollar on a global scale put heavy pressure on gold prices.
While the dollar index rose to its highest level in a week, dollar-denominated gold became more expensive for foreign investors.
TENSION ESCALATES IN THE STRAIT OF HORMUZ
At the center of the sharp market volatility were the hot conflicts in the Middle East. The US military announced new operations targeting military sites in Iran.
US military officials reported that Iranian targets around the Strait of Hormuz were struck in the operations. The Washington administration also firmly denied Iran's claims that "an agreement was reached on maritime traffic."
OIL PRICES SURGE
After Iran's Revolutionary Guard announced targeting a US air base in the region, oil prices saw a sharp rise.
Brent crude oil prices increased by over 3% in a single day. Growing concerns about energy supply have brought global inflation fears back to the top of the agenda.
Economists warn that rising energy prices could force central banks to keep interest rates higher for longer.
FED SIGNALS "WE MAY RAISE RATES"
Another development increasing selling pressure in the markets came from the US central bank. Fed Board Member Lisa Cook stated that keeping interest rates steady is appropriate under current conditions but signaled that rate hikes could resume if inflation gets out of control.
Following Cook's comments, interpreted as "hawkish," the dollar strengthened in the markets, while selling waves in gold and other commodities accelerated.
SILVER AND PLATINUM ALSO SHARPLY DECLINE
The global selling pressure was not limited to gold. Spot silver fell 3% to $72.37, hitting its lowest level in a month.
Platinum dropped 1.4% to $1,890, and palladium declined 1.9% to $1,364.
Experts warn that if conflicts in the Middle East escalate, sharp movements in commodity markets may continue.