Gold Holds Decline on Middle East Concerns

2026-06-07 23:52 By Jam Kaimo Samonte 1 min. read

Gold traded near $4,300 an ounce on Monday after tumbling nearly 5% last week to its lowest level in more than two months, as renewed tensions in the Middle East drove oil prices higher and fueled concerns about inflation and interest rates.

Iran launched several rounds of missiles toward Israel in a warning against further military actions in Lebanon, though Israel's military said all the projectiles were intercepted and no casualties were reported.

The prolonged conflict and the continued near-closure of the Strait of Hormuz have disrupted energy supplies from the Persian Gulf, supporting higher oil prices and intensifying inflation concerns.

At the same time, stronger-than-expected US employment data weighed on bullion last week by reinforcing expectations that the Federal Reserve could raise interest rates later this year.

Markets are now pricing in roughly a 70% chance of a Fed rate hike in December, up from around 50% before the jobs report.



News Stream
Gold Holds Decline on Middle East Concerns
Gold traded near $4,300 an ounce on Monday after tumbling nearly 5% last week to its lowest level in more than two months, as renewed tensions in the Middle East drove oil prices higher and fueled concerns about inflation and interest rates. Iran launched several rounds of missiles toward Israel in a warning against further military actions in Lebanon, though Israel's military said all the projectiles were intercepted and no casualties were reported. The prolonged conflict and the continued near-closure of the Strait of Hormuz have disrupted energy supplies from the Persian Gulf, supporting higher oil prices and intensifying inflation concerns. At the same time, stronger-than-expected US employment data weighed on bullion last week by reinforcing expectations that the Federal Reserve could raise interest rates later this year. Markets are now pricing in roughly a 70% chance of a Fed rate hike in December, up from around 50% before the jobs report.
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Gold prices dropped below $4,370 per ounce on Friday, reaching their lowest level of 2026 and heading for a weekly decline of nearly 4%, as a stronger-than-expected US jobs report and ongoing Middle East uncertainty heightened inflation and interest rate concerns. The May nonfarm payroll report revealed the US economy added 172,000 jobs, significantly above the forecasted 85,000, while the unemployment rate held steady at 4.3% and annual wage growth moderated to 3.4%, in line with expectations. This prompted investors to increase bets on a Federal Reserve interest rate hike, with markets now pricing in a quarter-point increase by year-end. Meanwhile, investors closely monitored developments in the Middle East, where US President Donald Trump stated that peace negotiations were nearing their final stage. However, Iran’s Foreign Minister dismissed any meaningful progress, and Iran-backed Hezbollah rejected a US-mediated ceasefire proposal.
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