Gold dips as Mideast hostilities revive inflation concerns

Spot gold fell 0.3% to $4,066.24 per ounce and US gold futures slipped 0.1% to $4,077 as renewed US-Iran hostilities and fresh US strikes aimed at keeping the Strait of Hormuz open reignited inflation concerns. Oil prices gained nearly 5% while the dollar and global stock markets dipped on the escalation. The IMF cut its 2026 global growth forecast to 3.0%, and Bank of America lowered its 2026 average gold forecast by 14% to $4,360/oz citing a more hawkish Fed. India's restrictions on silver imports have tightened supplies in the world's largest market, pushing premiums to a six-month high.