Gold prices, as reflected by the GLD ETF, jumped significantly in after-hours trading following the release of cooler-than-expected U.S. Consumer Price Index (CPI) data for June. This development has led traders to scale back expectations for future Federal Reserve interest rate hikes, causing a drop in Treasury yields and the U.S. dollar. Simultaneously, escalating geopolitical tensions between the U.S. and Iran are bolstering gold's appeal as a safe-haven asset. The combination of these macro and geopolitical factors created a strong tailwind for the precious metal.