Gold has dropped quite sharply this time, with hawkish FOMC + Strait rumors flying everywhere, and the market simply doesn't know who to believe.

Gold prices this week fell to a two-month low, due to lack of substantial progress between the US and Iran and the Federal Reserve's hawkish stance. Although the market expects an agreement is imminent and the strait may reopen, there is no concrete news, only numerous rumors. The June FOMC leans toward tightening; if the situation remains unchanged, a hawkish surprise may occur. If the strait reopens, oil prices will decline, and easing expectations will rise, supporting gold prices; if it remains closed, oil prices stay high, and the risk of Fed rate hikes increases.