Gold extends gains toward $4,500 amid US-Iran uncertainty

Gold futures advanced toward $4,500 an ounce on Tuesday, extending gains for a third consecutive session as a softer US dollar and heightened safe-haven demand supported bullion. Uncertainty surrounding efforts by the US and Iran to resolve the conflict and facilitate the reopening of the Strait of Hormuz continued to bolster investor interest in the precious metal. Meanwhile, the dollar index remained around 99.7 as markets assessed the Federal Reserve?s policy outlook ahead of key US inflation readings, with CPI due Wednesday and producer-price data on Thursday. Expectations for the data have gained significance following a weaker July jobs report, while persistent geopolitical risks continue to cloud the inflation and interest-rate outlook. On the domestic front, MCX October gold futures rose 0.4% to ₹1,53,669 per 10 grams, while silver futures slipped 0.4% to ₹2,36,048 per kg.

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