Gold prices fall as US‑Iran tensions and Fed rate outlook weigh on market

Spot gold slipped for a second straight session, with the ounce down about 1‑2 % to around $4,070, as fresh missile and drone exchanges between the United States and Iran revived worries about oil supply disruptions in the Strait of Hormuz. Higher oil prices lifted inflation expectations, prompting traders to price a roughly 70‑% chance of a Fed rate hike in September, according to the CME FedWatch Tool. The drop was echoed in local markets: Vietnam’s SJC and other dealers listed ring‑gold around 146‑150 million VND per tael, while Turkish outlets reported gram gold near 6,120 TL and on‑ounce prices just above $4,000. Analysts noted that a softer U.S. CPI reading could ease pressure on the dollar and bond yields, potentially supporting gold, but any surge in oil or continued Middle‑East clashes could keep the metal under pressure. Upcoming data – U.S. CPI, retail sales and Fed Chair Kevin Warsh’s congressional testimony – will be closely watched for clues on the monetary‑policy path.