June gold futures fell 0.9% at Monday’s open amid geopolitical uncertainty and rising oil prices above $103 a barrel.
Gold June futures opened at $4,690 per troy ounce, down 0.9% from Friday’s close, before slipping further to $4,673.90 in early trading. Silver July futures also declined 0.9% at the open to $80.15 but later edged up to $81.06 by 6:45 a.m. ET.
The drop follows President Trump’s rejection of Iran’s latest peace proposal, escalating tensions and pushing oil prices above $103 a barrel. Gold remains up 42.2% year-over-year but has fallen 1.2% over the past month.
Markets await upcoming consumer and producer price reports this week, which may clarify inflation trends amid the ongoing conflict.