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Gold Holds Steady, Market Watches US-Iran Conflict and Inflation
Focus on Gold:
Escalation of US–Iran conflict and the Strait of Hormuz closure
Rising US inflation and strengthening expectations of high interest rates from the Fed
Thursday, June 11, 2026 – Gold prices edged higher to $4,061 per troy ounce after previously touching a low in over six months. Gold movement remains shadowed by high market volatility following increased geopolitical tensions in the Middle East. The United States launched another attack on several targets in Iran, while Tehran responded by announcing a halt to shipping traffic through the Strait of Hormuz, triggering a surge in energy prices and raising market concerns over prolonged global oil supply disruptions.
Although geopolitical tensions generally support safe-haven asset demand, the current market focus is more on the inflation impact caused by rising energy prices. Global oil prices reportedly surged after the Strait of Hormuz closure announcement, reinforcing fears that global price pressures will persist longer. This is reflected in the US Consumer Price Index (CPI) data, which showed May inflation rising to 4.2% YoY. The inflation increase, largely driven by the energy sector, strengthens expectations that the Federal Reserve will maintain tight monetary policy longer or even open room for further tightening if price pressures continue to rise.
On the monetary policy side, market participants are now awaiting the release of the US Producer Price Index (PPI) scheduled for tonight to gain further insight into future inflation trends. Market expectations for interest rates are also rising, with futures contracts indicating an increasing likelihood of at least one rate hike before the end of the year.
Technically, the nearest support levels for gold are around $4,007 to $3,942, while the nearest resistance is at $4,197 to $4,322. If selling pressure increases, deeper support is seen at $3,752, while medium-term resistance is in the $4,512 area.