The precious metal - which hit a historic high of over $5,400 per ounce in January - is currently down to $4,560 per ounce, a loss of almost 14 percent since the US and Israel launched the bombing campaign against Iran on February 28.
There are no concrete peace negotiations taking place between the warring parties. However, according to the news channel CNN, a new proposal for a settlement is expected from Iran in the coming days.
The inflation concerns stem from the price shock to oil and gas caused by the closure of the Strait of Hormuz, where normally around 20 percent of the world's fossil fuels are transported from the oil-producing countries around the Persian Gulf.
