Iran Tensions Send Gold Nearing $4,403 as Oil Tops $100

Gold prices approached $4,403 as tensions between the US and Iran escalated, pushing oil above $100 per barrel. The attack on a US warship in the Gulf of Oman has led to heightened concerns about global oil supplies.

The weakening dollar also contributed to gold's rise, with spot gold trading near $4,417.87, up 1.46%. However, Treasury yields remained elevated at 4.81%, posing a headwind for non-yielding assets like gold and silver.

Analysts believe that the upcoming inflation data will be crucial in determining the direction of gold prices. A cooler-than-expected reading could lead to lower yields and higher gold prices, targeting $4,465 and $4,512.