Gold prices slumped to $4,507 per ounce, testing key support levels near $4,500.
Iranian Supreme Leader Ayatollah Mojtaba Khamenei issued a directive banning the export of enriched uranium. This move defied U.S. President Donald Trump’s demand to seize and destroy the stockpile as a precondition to end the conflict.
The collapsed peace prospects pushed oil prices higher and reignited global inflation fears. Hawkish Federal Reserve minutes simultaneously showed that officials remain open to further interest rate hikes. Surging Treasury yields and a stronger dollar continue to weigh heavily on the non-yielding metal.