Last Updated on 13/07/2026
Gold tumbles toward $4,070 during Monday’s Asian session after fresh US missile strikes on Iran, while investors await Tuesday’s US CPI data.
Gold (XAU/USD) came under renewed selling pressure during Monday’s early Asian session, slipping toward the $4,070 level as escalating tensions between the United States and Iran weighed on market sentiment. Investors are now turning their attention to Tuesday’s release of the US June Consumer Price Index (CPI), which could provide fresh direction for both the US dollar and precious metals.
According to reports, the US military carried out additional strikes against Iran on Sunday, targeting capabilities believed to be linked to attacks on civilian vessels passing through the Strait of Hormuz. The US Central Command (CENTCOM) stated that the operation was intended to reduce Iran’s ability to threaten commercial shipping in the strategically important waterway.
The ongoing exchange of missile strikes between Washington and Tehran has fueled concerns over higher energy prices and a potential resurgence in inflationary pressures. As a result, expectations have strengthened that the Federal Reserve may keep interest rates elevated for longer. While gold is traditionally viewed as a safe-haven asset during periods of geopolitical uncertainty, its appeal can diminish when interest rates remain high because the metal does not generate yield.
Market participants are also closely monitoring the upcoming US CPI report. Economists expect headline inflation to fall by 0.1% month-over-month in June, while core CPI is forecast to increase by 0.3%. A weaker-than-expected inflation reading could undermine the US dollar and provide support for gold prices in the short term.
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