By the end of last week, the price of gold had dropped to $3,368. Despite the drop, the global economic backdrop continues to favor the precious metal, with rising geopolitical tensions and increasing demand from central banks providing support. 

Regardless, it is unlikely there’s much room for diplomacy left between the United States and Iran now. It remains to be seen how the situation will progress and how gold will perform as a result. Given that geopolitical risks and conflicts drive investors towards safe haven investments like gold, it is likely that the price of the precious metal could continue its climb. Companies like Platinum Group Metals Ltd. (NYSE American: PLG) (TSX: PTM) could benefit from this…

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