August gold futures slip after opening higher, pressured by rising geopolitical risks and expectations of tighter monetary policy.
Gold August futures opened at $4,068.90 per troy ounce, up 0.4% from Wednesday’s close, but fell to $4,041.10 by 8:02 a.m. ET. Prices remain above $4,000 amid ongoing U.S. strikes on Iranian military sites and a naval blockade disrupting global energy supplies.
Over the past month, gold has declined 5.6%, though it remains 21.8% higher year-over-year. Earlier this year, annual growth peaked at 95.6%. Analysts cite expectations of higher interest rates as a key headwind for non-yielding assets like gold.
The Strait of Hormuz closure has intensified concerns over energy price volatility, further weighing on investor sentiment.