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Gold prices drop amid Iran war, pressuring gold miners' profits and market outlook.

Market News
23 Mar 2026
CNBC
View Source
Bearish
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Gold prices fell sharply as investors moved away from the metal amid the ongoing war in Iran, challenging its role as a safe-haven asset. This decline has negatively impacted gold mining companies, which had previously benefited from soaring gold prices but now face squeezed margins due to falling revenues and rising energy costs. The VanEck Gold Miners ETF, which surged nearly 200% in 2025, has dropped 27% year-to-date with little recovery expected as geopolitical tensions persist. Analysts warn that unless global risk sentiment improves, gold miners are unlikely to regain their previous bullish momentum.

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