Gold tumbles to 3-week lows as dollar strength bites

Gold futures slipped to three-week lows near $4,600 per ounce as renewed diplomatic efforts around the U.S.?Iran conflict reduced immediate safe-haven demand, even as underlying geopolitical risks persist. A stronger dollar index hovering around 98.5 added further pressure on bullion, offsetting support from elevated energy prices and inflation concerns. Market focus remains on key policy decisions from the Federal Reserve, European Central Bank, and Bank of England, with investors assessing whether the Middle East tensions will influence the interest rate outlook. Meanwhile, the Bank of Japan held rates steady, although dissent within its board highlighted rising inflation concerns. On the domestic front, MCX Gold futures for June traded near ₹1,50,000 per 10 grams, down nearly 1%, while Silver futures for May declined by nearly 2% to ₹2,37,227 per kg, reflecting broader weakness across the precious metals complex.

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