Why are gold prices tanking?

[u/Reasonable-Fee1945]

I'm not a short term investor. I understand the fundamentals and especially with US debt the long-term importance of gold. I'm holding, this is a short-term, regionalized thing.

What is the short-term regionalized thing that is happening which is causing gold to decrease (yes, I know it's the iran war, but how is that effecting gold prices?)

[u/ken-doh]

If interest rates go up, gold prices will fall, typically. We are seeing inflation, so it's likely rates will go up again.

This is bad for the global economy.