Overview
- Fresh U.S. military strikes on Iran and an IRGC counterclaim pushed global oil prices up more than 3 percent and strengthened the dollar, knocking spot gold down about 1.7 percent to roughly $4,380 an ounce.
- A stronger dollar made dollar‑priced bullion more expensive for holders of other currencies, while U.S. futures mirrored the decline with June contracts near $4,377 an ounce.
- Federal Reserve Governor Lisa Cook said the Fed should hold short‑term rates for now but is prepared to raise them if price pressures persist, and investors are awaiting U.S. PCE inflation data for clearer guidance.
- Higher crude raises near‑term inflation expectations, which can support gold as an inflation hedge, but a firmer dollar and the prospect of higher interest rates raise the opportunity cost of holding non‑yielding bullion and have pressured prices.
- Other precious metals also retreated, with silver down about 3 percent and platinum and palladium near one‑month lows, while market participants watch oil, the dollar, and Fed signals for the next directional cues.