Gold Slips 0.4% to $4,518 as Oil Jumps Over 2% Ahead of Iran Ceasefire Decision

9 articles · Updated · Reuters · Jun 1

Spot gold fell 0.4% to $4,518.09 an ounce on Monday, while August U.S. gold futures dropped 1% to $4,548.90 as traders waited for Donald Trump to rule on a proposed Iran ceasefire extension.
A firmer dollar added pressure by making bullion costlier for non-U.S. buyers, while crude rose more than 2% in early trade and kept gold "off balance," according to KCM Trade analyst Tim Waterer.
Higher oil also revived inflation and rate concerns: Fed Vice Chair Michelle Bowman said the Middle East war could produce persistent price pressures that may require tighter policy, a headwind for non-yielding gold.
Geopolitical risk remained elevated after Benjamin Netanyahu ordered Israeli troops to move further into Lebanon despite a ceasefire announced more than six weeks ago.
Waterer still sees gold reaching $5,500 by end-2026 if oil prices ease, the dollar weakens and central-bank buying stays strong.

As war disrupts global oil, why is gold's safe-haven status failing, and what could trigger its projected $5,500 surge?

With the Strait of Hormuz halted, how will the 'biggest oil supply disruption in history' reshape the global economy this year?

As Israeli forces push deeper into Lebanon, will President Trump's looming Iran decision ignite a wider regional war?