Antipodean Currencies Take a Hit Amid Escalating Middle East Tensions

The Australian and New Zealand dollars have weakened against major currencies in the European session on Tuesday due to escalating Middle East tensions, revived inflation concerns, and interest-rate worries.

Spot gold prices slipped 0.2 percent to $4,396.21 an ounce, while U.S. gold futures declined by 0.8 percent at $4,440.29 an ounce.

The U.S. dollar index regained its footing after early losses and remained marginally higher as investors closely watched developments in the Middle East and awaited crucial U.S. inflation data releases that could influence expectations around the Federal Reserve's September policy decision.