The gold price is currently causing nervousness once again. Since the start of the war involving the USA and Israel against Iran, the precious metal has recorded a daily loss of 4% for the second time.

How the mighty have fallen. Silver was the talk of the town as it surged by roughly 60% in January trading, hitting highs of just above $120. That is a far cry from where we are trading now, with the precious metal suffering another 5% drop today and poised for six straight daily losses in nine.

Gold is a widely known safe-haven asset and tends to benefit during geopolitical turmoil, but the metal has remained largely range-bound amid the latest Middle East conflict involving Iran, the United States and Israel.

Gold prices fall due to interest rate gloom and Middle East tensions. US Fed and major central banks likely to maintain current interest rates. Long-term gold outlook positive, seen as a hedge against risks.

Right now the price of gold sits around $5,100 an ounce, which is double where it sat just over one year ago. And the war in Iran could propel the price upwards even further.

After a strong start, the price of gold slipped twice to around $5,060 during this trading week. Now, it appears that gold prices might manage to stay just above $5,100 heading into the weekend, continuing the persistent sideways movement of the past five weeks.