Gold falls on stronger dollar amid renewed US-Iran tensions

Gold prices inched lower on Monday as the dollar firmed, while ‌news the Strait of Hormuz is closed again pushed oil prices higher and revived inflation fears. Spot gold was down 0.4% at $4,809.71 per ounce, as of 0155 GMT, after hitting its lowest level since April 13 earlier ​in the session. U.S. gold futures for June delivery fell 1% to $4,829.40. “Gold prices ​are lower today after the U.S.-Iran war ceasefire that markets celebrated last ⁠week appeared to be breaking down,” said Ilya Spivak, head of global macro at Tastylive. “That ​has revived the now-familiar ‘war trade’ dynamics we’ve seen since the beginning of the conflict. Crude oil ​prices gained, which echoed into inflation expectation and drove up both yields and the U.S. dollar.”