Gold Slides 0.7% on Iran-Driven Inflation Fears

Gold spot fell 0.7% to 44,715.98 rupees per ounce and futures dropped 1.0% to $4,738.09 per ounce.
Oil prices surged above $100 per barrel after the U.S. announced a blockade of the Strait of Hormuz and a cease‑fire collapse.
CME FedWatch shows the probability of a 25‑bp Fed rate cut in December fell to 16% from 21%, weakening gold’s appeal.
Spot gold has slipped more than 10% since the Iran‑U.S. war began in late February, pressured by higher rates and a stronger dollar.