Gold Holds Steady Amid Iran Tensions, Rate Fears

On May 4, 2026, gold prices steadied as Iran tensions and interest rate uncertainty kept the gold market under pressure. Inflation concerns continued to shape the gold outlook.

Gold Struggles for Direction as Uncertainty

Rate Concerns Cap Gold Momentum

Gold prices moved in a tight range during Asian trading, reflecting cautious sentiment as geopolitical risks and rate concerns limited gains. The metal remained under pressure after two straight monthly losses, with inflation worries overshadowing safe-haven demand.

Spot gold held at $4,612.98 per ounce, while futures dipped 0.4% to $4,624.14, highlighting a subdued gold market. Other metals saw mild gains, offering little support to overall sentiment.

Donald Trump announced a new operation tied to the Strait of Hormuz, adding to uncertainty and raising inflation concerns.

Neel Kashkari warned that inflation risks could still prompt rate hikes, a factor that typically weighs on gold. “Markets dislike the unknown,” and gold is no exception.