CommoditiesMediumUpdated×2•Originally published 29 June 2026•Updated 29 June 2026•
1 min read
Gold Falls Despite US-Iran Tensions, Heads for Fourth Monthly Decline
Key Facts
1Spot gold fell 0.7% to $4,061.35 an ounce in early trade on Monday.
2The metal is on course for a fourth monthly decline with losses of more than 10% in June.
3US-Iran tension pushed oil higher, reviving inflation worries.
In a notable shift, gold is declining despite escalating US-Iran geopolitical tensions, as the precious metal fell 0.7% to $4,061.35 an ounce in early trade on Monday, according to reports. The metal is on track for a fourth straight monthly decline, with losses exceeding 10% in June, creating a paradox for a traditional safe haven.
Meanwhile, geopolitical tensions pushed oil prices higher, reinforcing inflation fears and undermining gold's appeal as a hedge. Traders worry that elevated energy costs could keep inflation sticky, reducing the likelihood of Federal Reserve rate cuts that typically support bullion.
With no explicit catalysts on the near-term economic calendar, focus remains on central bank speeches and the dollar's movement.