Spot gold fell 0.5% to $4,807.60/oz and futures 1.1% to $4,826.71/oz amid rising Iran tensions.
Oil prices jumped up to 7% after Iran re‑closed the Strait of Hormuz, stoking inflation concerns.
A stronger dollar index (+0.1%) and expectations of higher U.S. rates pressured non‑yielding assets like gold.
Analysts (FXTM, OCBC) advise buying the dip, noting risk sentiment hinges on cease‑fire talks.