Asian markets fell in early trading as gold prices dropped due to ongoing concerns about high inflation following the US-Iran ceasefire.

Gold fell in Asian early trading, as worries about inflation persisted due to the ceasefire between the US and Iran, thus supporting the prospects of central bank rate hikes, which could weaken the attractiveness of this interest-free precious metal. Spot gold fell by 0.4%, to $4,726.50 per ounce. "Media reports suggest that it may take up to six months to clear Iran's mines, highlighting the risk that energy supply shortages and inflation pressures will persist until the end of the year," said Skye Masters of the National Bank of Australia in a comment. The market research director added, "Unexpected increases in inflation in the UK due to fuel and service prices are pushing the market to price in tighter policies from the Bank of England."