Gold slips as US-Iran tensions lift oil, US rate-hike bets weigh

Spot gold fell 0.5% to $4,067.99 per ounce as US-Iran tensions boosted oil prices and expectations of further Fed rate hikes weighed on the safe-haven metal. Oil prices climbed after days of tit-for-tat strikes between the US and Iran raised concerns about the fragility of their interim peace deal and energy flows through the Strait of Hormuz. Separately, US inflation data showed prices breaking above 4.0% in May for the first time in three years, with traders pricing in about a 77% chance of a December Fed rate increase.