Gold dips 1% as markets eye data and geopolitics

Gold futures slipped nearly 1%, hovering around the $4,780?$4,800 range as persistent Middle East tensions and the continued blockage of the Strait of Hormuz kept energy prices elevated and inflation risks in focus. However, strength in the US dollar, which held near 98.5 at one-week highs, limited upside in the metal. The geopolitical backdrop remains tense, with Iran maintaining control over the key waterway and the US continuing its pressure through port blockades, even as a fragile truce persists. Investors now await US jobless claims and PMI data for further direction. On the domestic front, MCX June gold futures edged 0.4% lower to ₹1,51,844 per 10 grams.

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