Gold prices crash 28% from all-time high in January

Spot gold has fallen about 28% from its all-time high of around $5,602 per ounce in late January and is now trading around $4,040 per ounce. However, gold prices are still up 20% year on year. Escalating tensions between Iran and the US, alongside the resulting surge in crude oil prices, are viewed as key drivers behind gold's decline.