SPDR Gold Shares (GLD) fell on Monday, May 11. President Donald Trump rejected a peace proposal from Iran. This rejection extends a 10-week conflict centered in the Strait of Hormuz.
Brent crude rose 3.5%. Prices exceeded $104 per barrel. Rising energy costs stoked inflation fears and impacted safe-haven assets.
Gold prices eased following the rejected deal. A strengthening U.S. dollar during the Asian session pressured dollar-denominated commodities. These factors lowered gold-linked investment vehicles like GLD.