At 16:45 ET (20:45 GMT) on Thursday, spot gold rose 1.2% to $4,124.36 per ounce, while gold futures gained the same 1.2% to $4,133.17 per ounce. The rebound came after the U.S. dollar index slipped 0.02% against the euro and oil prices fell 2.72%, easing inflationary concerns.

The price move was framed by the release of the Federal Open Market Committee (FOMC) minutes from the June 16‑17 meeting, which showed an evenly split debate among policymakers on the outlook for interest rates. While the committee ultimately kept the policy rate unchanged, the updated dot‑plot displayed a hawkish tilt, with some participants arguing for an immediate rate hike and others expecting inflation to drift back toward the 2% target on its own. The minutes also noted that inflation could stay elevated due to strong artificial‑intelligence‑related demand, the Iran conflict, or tariff effects.

In parallel, geopolitical tensions briefly resurfaced. After a series of U.S. strikes on approximately 170 Iranian targets—including air‑defence systems, missile and drone storage sites, and more than 60 Islamic Revolutionary Guard Corps small boats—Iran retaliated by striking U.S. bases in the region. President Donald Trump, speaking to reporters on Air Force One after the NATO summit in Türkiye, said Iran had contacted Washington expressing a strong desire to make a deal, but he was uncertain about the deal’s credibility. He added that he did not know whether the U.S. and Iran would return to full‑scale conflict.

Oil prices, after reaching three‑week highs, slipped 2.72% as traders digested Trump’s comments and the expectation that the conflict would not reignite. New York Fed President John Williams later said he did not anticipate a sustained rise in energy prices for the remainder of the year, despite the renewed hostilities.

Overall, the combination of a softer dollar, declining oil, and mixed Fed commentary lifted gold above the $4,100 level, while market participants remain attentive to further developments in U.S.–Iran relations and future monetary‑policy decisions.