Gold prices fell more than 2% on April 22 as geopolitical risks eased, Report informs referring to Interfax.

Quotes for June gold contracts on the New York Comex exchange dropped by 2.4% to $2,356.5 per ounce.

Israel and Iran have exchanged blows, sparking panic over an escalating conflict in the region. However, the Iranian authorities ultimately took a rather restrained position, noting the lack of serious consequences of the Israeli attack and the need to respond with a new strike.

This development has reduced the risk premium in the market, said Nicholas Frappell of ABC Refinery.