Spot gold fell 1% to $4,669.82/oz and US futures down 1.1% amid rising oil and a stronger dollar.
Oil prices jumped nearly 5% after Trump labeled Iran’s response “unacceptable,” keeping the Strait of Hormuz closed.
Higher oil and a firmer dollar stoked inflation fears, prompting expectations that the Fed will keep rates elevated longer.
Upcoming US inflation data and Trump’s China visit with Xi could further influence markets and energy security discussions.