Gold slides over 1% as oil surges on Strait of Hormuz closure fears

Spot gold dropped 1.2 percent to 4,072.78 dollars per ounce while oil prices surged about 4 percent after US and Iranian forces exchanged heavy missile and drone assaults, with Tehran claiming to have again closed the Strait of Hormuz. The dollar climbed and Asian share markets slipped as fighting intensified in the Gulf. Separately, the Fed's monetary policy report noted US inflation stepped up further this spring due to tariffs, energy costs and AI-related buildout.