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Gold prices drop over 1% amid US-Iran conflict and rising oil prices, sparking inflation concerns.

Market News
01 Jun 2026
Blockonomi
View Source
Bearish
pluang ai news

Gold prices fell more than 1% following renewed military clashes between the US and Iran, with spot gold down 0.8% to $4,501.54 per ounce and futures down 1.3%. The conflict escalated after US strikes on Iranian targets in response to the downing of an American drone, leading to Iranian retaliatory attacks. Meanwhile, crude oil prices surged over 3%, raising fears of higher inflation and potential Federal Reserve rate hikes, which typically pressure gold prices. Investors are closely watching upcoming US employment data and Fed commentary for clues on monetary policy amid this geopolitical tension and market volatility.

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