Gold fell as much as 1% intraday after renewed Israel‑Iran strikes undermined
hopes for a Middle East agreement, lifting inflation concerns and boosting
rate‑hike expectations. Saxo Bank analysts said gold futures closed below the
200‑day moving average for the first time since Oct 2023 after last Friday’s
nonfarm payrolls and a broader deterioration in risk sentiment that hit
equities. They added a resilient US economy and rising inflation expectations
now pose a tougher backdrop for gold, outweighing longer‑term supports such as
central‑bank purchases, fiscal worries and reserve diversification.
