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macroJun 9, 2026, 11:16 PM

Gold Slumps Below $4,250 on US-Iran Tensions, Rate Hike Expectations

Gold (XAU/USD) fell to around $4,235 in early Asia on Wednesday, the lowest since March 23, pressured by renewed US-Iran tensions and rising bets on a US interest rate hike ahead of CPI data.

XAUUSD

Gold prices extended their decline during Wednesday's Asian session, dipping to approximately $4,235 – the weakest level since March 23. The precious metal remains under pressure as geopolitical jitters resurface amid renewed US-Iran tensions, while markets increasingly price in a potential Federal Reserve rate hike.

Traders are now turning their attention to the upcoming US Consumer Price Index (CPI) report, which could provide further clues on the central bank's monetary policy path. Expectations of tighter policy have weighed on non-yielding assets like gold.

No additional details on the scale of the US-Iran tension escalation were provided in the original report.

Source: FXStreet Forex News