Gold slips 0.9% to $4,064.47 as US-Iran attacks in Persian Gulf lift oil prices
AI Market Summary
Spot gold fell ~0.9% to about $4,064/oz even as renewed US-Iran attacks briefly disrupted Strait of Hormuz shipping and lifted oil. The market focus shifted toward inflation and rates: May US PCE rose 0.4% m/m (in line), with Treasury yields edging lower. Gold remains down ~23% since late-February strikes, reflecting higher energy-driven inflation risks and tighter-for-longer rate expectations.
Impact level
● High
Affected assets
NCCOGOLD2USD/USDT+0.13%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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Fresh attacks between the US and Iran in the Persian Gulf hit a tanker carrying Qatari crude and disrupted shipping through the Strait of Hormuz, before the two sides agreed to halt the assaults and hold talks in Doha. Spot gold fell as much as 0.9% to $4,064.47 an ounce while oil prices rose. US May PCE inflation increased 0.4% month on month in line with expectations, and Treasury yields edged lower. Gold has dropped about 23% since late February.
