August gold futures fall 1.8% from Tuesday’s open ahead of U.S. CPI data and escalating U.S.-Iran military strikes.
Gold August futures (GC=F) opened at $4,276.10 Wednesday, down 0.2% from Tuesday’s close and 1.8% lower than Tuesday’s opening. Prices extended losses to $4,183.80 by 6:28 a.m. ET, pressured by overnight U.S.-Iran military exchanges and anticipation of the U.S. CPI report.
The last time gold traded below $4,100 was March 23, with no lower prints since December 2025. Year-over-year gains have shrunk to 29.5%, down from 95.6% on January 29. Over the past month, gold has declined 9.3%, and 4.4% over the past week.
The conflict’s impact on oil and gas flows through the Strait of Hormuz may prolong inflationary pressures, further influencing gold’s trajectory ahead of key economic data.