Gold, silver and platinum resumed their recent sell-off this week, falling sharply as investors continue to retreat from precious metals as a safe haven trade amid the ongoing war in Iran.

The price of spot gold was seen 7.8% lower shortly after 7:30 a.m. in London (3:30 a.m. ET) on Monday, at $4,126.36.80.

Gold futures were down almost 10% at $4119.10, the lowest level seen so far in 2026.

The precious yellow metal lost almost 10% last week in its worst showing since September 2011. Spot gold has now lost around 25% since hitting a record high of $5,594.92/oz at the end of January.

Spot silver, meanwhile, was down 8.3% at $62.24, a year-to-date low and almost half of its $117 level on Feb. 28, when the Iran war began. Silver futures were trading 11.7% lower on Monday at $61.66.

The sell-off extended to other precious metals, with platinum futures plummeting 10.6% to $1,760.90, while palladium dropped 6.7% to $1,347.50.

The retreat from gold — which is traditionally seen as a key safe haven asset in times of market turmoil — chimes with the ongoing risk-off sentiment in markets as the Iran conflict fuels concerns over inflation and rising energy prices.

The prospect of higher interest rates as a result of the war could boost government bonds among investors, at the expense of non-yielding precious metals, market strategists told CNBC recently.

However, euro zone government bond yields were once again moving higher in early trading on Monday as the conflict’s latest escalation left few hiding places for investors.