Gold Futures (GC=F) Edge Lower Amid Middle East Tensions

Gold futures (GC=F) opened at $4,575.20 per troy ounce on June 1, 2026, down 0.4% from Friday's close of $4,593, and slipped further to $4,537.90 by 7:56 a.m. ET. The decline reflects cautious trading as the conflict with Iran and renewed clashes between Israel and Hezbollah stoke uncertainty. The precious metal has been trapped in a narrow range for days, with markets awaiting President Trump's decision on a ceasefire extension. Escalating military exchanges in Lebanon threaten to derail efforts to end the war and reopen the Strait of Hormuz, a critical oil chokepoint, amplifying near-term volatility for gold. The one-year gain for gold reached 95.6% as of Jan. 29, 2026, underlining sustained safe-haven demand.