Gold futures settled $20.90 lower (-0.5%) at $4,502.30/oz, as higher oil prices and renewed Middle East tensions fueled inflation concerns and pushed Treasury yields and the U.S. dollar higher.
The move also reflected reduced safe-haven demand amid optimism surrounding a potential Iran ceasefire and reopening of the Strait of Hormuz.
U.S. Dollar Index up about +0.3% to $99.22.