Gold prices down 0.3% to $4,354
Gold August futures opened at $4,354 per troy ounce, down 0.3% from the previous closing price of $4,365.30.
The decline follows Israel and Iran exchanging missile attacks, which has pushed oil prices upward and reinforced global inflation concerns.
Gold prices had hung around the $4,500 range for most of last week, but dipped below that level this morning.
The Fed’s focus will be on inflation ahead of its meeting next week, with high interest rates posing a headwind for gold prices.