Spot gold declined 0.4% to $4,438.92 per ounce at 21:16 ET (01:16 GMT); gold futures fell 0.3% to $4,467.57 per ounce.
The price movement occurred within a $4,400‑$4,600 trading range that has persisted since mid‑May.
Fresh U.S. military strikes on Iran—the second this week—pushed oil prices up as much as 2% and reinforced the U.S. dollar, both of which weighed on bullion.
Spot silver dropped 0.9% to $73.9595 per ounce and spot platinum slipped 0.7% to $1,915.88 per ounce, mirroring gold’s decline.
The ceasefire between the United States and Iran remains in place, with officials describing the strikes as “defensive.”
President Donald Trump dismissed reports of a framework deal to reopen the Strait of Hormuz within 30 days and rejected the idea that Iran and Oman would control the passage. Oil tanker traffic through Hormuz remains a fraction of pre‑war levels.
Market participants are awaiting the U.S. April Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred inflation gauge, which could influence expectations for interest‑rate policy. Concerns that the Iran conflict may be inflationary have led some investors to anticipate the Fed either holding rates steady or raising them later in the year, a scenario that typically depresses gold prices.
