Gold Drops 2% Amid Middle East Oil Surge

Gold spot fell 2% to $4,523.88/oz and futures dropped 2.4% to $4,532.40/oz amid a firmer dollar.
Brent crude July futures surged over 5% as renewed Middle East tensions, including Iranian attacks and US "Project Freedom," spiked oil prices.
President Donald Trump announced "Project Freedom" to reopen the Strait of Hormuz and warned Iran, while UAE air defenses repelled missile attacks causing a fire at Fujairah Oil Industry Zone.
A stronger dollar and heightened inflation expectations prompt expectations of hawkish central‑bank policies, weighing on non‑yielding gold.