Spot gold fell 3% to $4,676.04 per ounce and futures dropped 2.8% to $4,695 amid a stronger dollar.
Fed nominee Kevin Warsh’s hearing signaled less dovish stance, urging policy reforms and a leaner balance sheet, dampening gold.
Uncertainty over U.S.-Iran ceasefire, with the temporary truce set to expire this week, added geopolitical risk, supporting a stronger dollar.
Oil prices rose above pre‑war levels as the Strait of Hormuz remained closed, raising inflation concerns and potential rate hikes.