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Gold prices slipped slightly in Asian trading Monday, pressured by a stronger U.S. dollar following American military strikes on key Iranian nuclear sites. The geopolitical escalation in the Middle East shifted safe-haven demand away from gold and toward the greenback, which rose over 0.3% against a basket of major currencies.
Spot gold dipped 0.2% to $3,360.11 per ounce, while gold futures fell 0.3% to $3,374.72 by 01:08 ET. Despite the drop, gold remained supported by gains earlier in June, driven by heightened demand during the Israel-Iran conflict.
The U.S. attack, ordered by President Donald Trump, targeted three Iranian nuclear facilities, with Trump claiming it significantly set back Tehran’s nuclear ambitions. Iranian officials denied the allegations, but tensions soared as Iran vowed retaliation. Concerns grew over a potential Iranian move to block the Strait of Hormuz, a critical oil shipping route, fueling a surge in global oil prices.
Rising energy prices revived inflation fears, reducing expectations for near-term U.S. interest rate cuts and supporting dollar strength—further weighing on gold. Market focus now turns to comments from Federal Reserve Chair Jerome Powell, who is scheduled to testify before Congress this week, potentially offering more guidance on future monetary policy.
Other precious metals also eased. Platinum futures slipped 0.1% to $1,263.15 per ounce, retreating from a recent four-year high, while silver edged up 0.1% to $36.05, hovering near a 13-year peak. In industrial metals, London copper futures fell 0.1% to $9,643.15 per ton, and U.S. copper futures declined 0.3% to $4.820 per pound.
The broader retreat in metals highlights investor caution amid intensifying geopolitical risks and monetary policy uncertainty.
