Gold dipped toward $4,700 an ounce on Tuesday as the U.S. dollar index climbed above 98.00 due to rising geopolitical tensions linked to the Iran conflict.
Spot gold fell 0.7 percent to $4,702.72 an ounce as stalled U.S.-Iran peace talks pointed to a continued closure of the Strait of Hormuz and investors priced out Federal Reserve rate cuts this year. U.S. gold futures were down 0.4 percent at $4,711.25.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.