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Or sign-in if you have an account.Production of gold and silver coins and bars at Mennica Polska S.A. in Warsaw, Poland, on Thursday, Feb.12, 2026. Photographer: Damian Lemanski/Bloomberg Photo by Damian Lemanski /Bloomberg(Bloomberg) — Gold and silver tumbled after the US and Iran exchanged fresh strikes over the weekend, sending energy prices higher and once more raising the prospects for interest-rate hikes to combat inflation.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorSpot gold slid as much as 1.8% to near $4,040 an ounce, following a loss last week. The US and Iran issued conflicting claims over the Strait of Hormuz, with the US denying a statement by Tehran that the waterway would be closed “until further notice.” American forces carried out strikes in response to an attack on a container ship, Central Command said.For gold, higher energy prices raise the prospect of the Federal Reserve hiking interest rates to combat stubborn inflation. Higher borrowing costs are a headwind for precious metals, which don’t bear interest.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try again“Renewed geopolitical tension has sent another shockwave through an already fragile gold market,” said Hebe Chen, an analyst at Vantage Markets in Melbourne. “Unless the fighting around Hormuz meaningfully settles and turns a new page for precious metals, elevated oil prices, firmer yields and a stronger dollar could keep gold pinned under pressure this week.”Gold is down by more than a fifth since the Iran war started in late February, with a wave of profit-taking ending a three-year bull run and briefly pushing the metal below $4,000 for the first time since November.The latest pressure on gold comes as Kevin Warsh prepares to make his first appearance before Congress as Fed chairman. Tuesday’s House Financial Services Committee hearing in Washington will be preceded by June consumer price figures from the Bureau of Labor Statistics.Spot gold dropped 1.1% to $4,073.91 an ounce at 10:22 a.m. in London. Silver slid 2% to $58.70 an ounce. Platinum and palladium were little changed, as was the Bloomberg Dollar Spot Index. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.