Gold spot fell 1% to $4,633.29/oz and futures to $4,646.90/oz amid oil price surge and BOJ hawkish tone.
BOJ kept policy rates unchanged but sharply raised FY2026 CPI forecast and signaled possible future rate hikes due to higher oil/fuel costs.
Fed meeting expected to hold rates steady; Jerome Powell’s term ends May 15, with Kevin Warsh slated as successor.
Iran‑U.S. deadlock over the Strait of Hormuz and rising oil prices near 2022 peaks added inflation pressure, dampening gold’s safe‑haven appeal.