Gold maintains its heavily offered tone through the first half of the European session and currently trades near its lowest level since March 23, around the $4,180-$4,175 region. Renewed hostilities between the US and Iran fuel inflationary concerns and bolster bets for more hawkish central banks, driving flows away from the non-yielding yellow metal. The decline could also be attributed to technical selling following the recent breakdown below the very important 200-day SMA and seems unaffected by a softer US Dollar, which tends to benefit the commodity.

More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.