Gold posts biggest one-day drop in over a year as geopolitical concerns ease

Gold and silver futures dropped on Monday, pressured as investors priced in fading geopolitical tensions, with appetite swinging toward stocks and other assets perceived as riskier.

“With Iran and Israel apparently backing away from any further direct confrontation for the time being, there was only so long that gold and silver could defy the gravity of rising bond yields and rising year-end [Federal Reserve interest] rate forecasts,” Adrian Ash, director of research at BullionVault, told Market Watch.