Gold Dips as Iran Tensions Rekindle Inflation Fears

Gold and silver fell again as renewed Iran tensions revived inflation fears, with spot gold around $4,263/oz in New York after a drop of about 1.5% (and as much as 2.2% earlier); oil pared losses as markets weighed higher-for-longer rate expectations. Citi cut its near-term gold target to $4,000/oz amid a likely Fed hike scenario, though a longer-term bullish view remains. Gold sits roughly 19% below pre-war levels and has breached the 200-day moving average, signaling near-term momentum risk.