US-Iran Conflict Sends Gold Prices into Freefall Ahead of Federal Reserve Meeting

The ongoing US-Iran conflict has caused significant turmoil in energy markets, prompting investors to reassess their positions ahead of the Federal Reserve's July policy meeting.

Gold futures have been trading in a narrow range this week, but are showing signs of bearish pressure on the daily chart. On Thursday, gold futures tested a high at $4,143.76 and a low at $4,042.65 before closing at $4,050. The weekly chart shows extensive bearish pressure, with the 9 EMA piercing the 50 EMA.

The escalation of the conflict has caused Brent crude futures to surge past $100 a barrel, exacerbating concerns over energy-driven inflation and prompting central banks to consider tightening monetary policy. US Treasury yields have also climbed, weighing on precious metals.