Gold Prices Decline Amid U.S.-Iran Tensions and Rising Oil Prices
Gold prices have fallen as ongoing tensions between the U.S. and Iran have led to a rise in crude oil prices. The lack of an agreement to reopen the Strait of Hormuz has resulted in increased oil prices, which in turn have affected gold prices negatively. The May ISM manufacturing index showed an increase, indicating a fifth consecutive month of expansion, which has also contributed to the pressure on metals. The U.S. and Iran have exchanged strikes, with Iran pausing talks after Israeli attacks in Lebanon. Despite the conflict risk, the impact on gold remains negative due to higher oil prices, firmer Treasury yields, and a stronger dollar. U.S. equities have closed higher, with technology and energy shares offsetting the weakness caused by higher fuel costs. 
