Gold futures test top as energy spikes fuel higher rate fears.

June Gold futures fell for the second session out of the last three, signaling a potential short-term rounding top pattern since early April. Technical confirmation awaits price action in the coming days, but macroeconomic factors are already weighing on the metals market. The closure of the Strait of Hormuz drove higher energy prices, feeding inflation expectations and reinforcing a higher-for-longer interest rate environment. This dynamic offset traditional safe-haven demand during conflicts. Additionally, the Senate confirmation hearing for Fed Chair nominee Kevin Warsh introduced a non-dovish tone, signaling a commitment to addressing persistent inflation and further pressuring gold.