Gold prices tumbled over 1% as the dollar strengthened, making bullion more expensive for international buyers. Spot gold fell to $4,762.09 per ounce, its lowest level since April 13. Meanwhile, escalating US-Iran tensions pushed crude oil higher, reviving inflation concerns across markets. The geopolitical uncertainty disrupted Middle East shipping and threatened ceasefire negotiations set to expire Tuesday. Federal Reserve officials acknowledge the conflict could drive near-term inflation but suggest rapid resolution might preserve interest rate cut prospects later this year. In India, gold demand remained subdued despite investment flows showing modest improvement, as record prices deterred jewellery purchases during a key buying festival. Silver, platinum, and palladium also declined alongside gold's weakness.
