India, July 13 -- Extending last Friday's losses, gold prices have plunged on Monday amid fresh weekend escalation in the U.S.-Iran conflict, with Iran closing the Strait of Hormuz and driving crude oil prices higher. The consequent inflationary threats have rekindled concerns of a rate hike by the U.S. Federal Reserve.
Front Month Comex Gold for August month delivery has plummeted by $105.60 (or 2.57%) to $4,008.10 per troy ounce.
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