Gold futures fell below $4,500 as metals complex slumps.

August Gold futures experienced a notable downturn, sliding below the $4,500 per ounce threshold and declining more than 1.5% during the session. This move places the bullion approximately 15% below its late February highs, driven partly by position unwinding ahead of the June expiration. The market path forward remains closely tied to geopolitical developments in Iran and potential disruptions near the Strait of Hormuz, which could impact WTI Crude Oil futures and elevate inflation expectations. Market participants are shifting focus to upcoming U.S. economic indicators, including core PCE, preliminary GDP, and unemployment claims, alongside comments from multiple Federal Reserve speakers. Meanwhile, the broader metals complex showed synchronized weakness, with July Silver futures dropping over 2% and July Copper futures shedding 0.9%, raising demand concerns for industrial metals.