Spot gold fell 0.8% to $4,419.60 per ounce, while U.S. gold futures for June delivery declined 0.7% to $4,417.10. Among other precious metals, spot silver dropped 1.7% to $73.34 per ounce, platinum eased 0.5% to $1,909.15 and palladium declined 0.7% to $1,381.64.
The dollar also strengthened, making dollar-priced bullion more expensive for buyers holding other currencies.
A U.S. official said the American military launched new strikes in Iran targeting a military site believed to threaten U.S. forces and commercial shipping through the Strait of Hormuz. The development came hours after President Donald Trump rejected an Iranian report claiming a deal had been reached to restore traffic through the strategic waterway.
Investors are now awaiting the release of U.S. Personal Consumption Expenditures data later in the day for further signals on the Federal Reserve’s policy direction.
A Reuters report stated that Federal Reserve Governor Lisa Cook said that the U.S. central bank should keep short-term interest rates unchanged for now. However, she added that tariffs, the Iran conflict and rising AI-linked investments were increasing price pressures, and the Fed could raise rates if required. Federal Reserve Vice Chair Philip Jefferson also said the current monetary policy stance remained appropriate given ongoing upside risks to inflation.
Investors are now awaiting the release of the U.S. Personal Consumption Expenditures data later in the day for further signals on the Federal Reserve’s policy direction.As for levels, COMEX Gold is consolidating within the $4,500–$4,540 range, maintaining a cautious undertone. Immediate resistance is placed at the $4,560–$4,600 zone; a sustained move above this band could strengthen upside momentum and push prices toward the $4,660–$4,700 range.
“On the downside, immediate support remains at $4,500–$4,460, and a break below this zone could trigger corrective weakness toward the $4,400–$4,350 levels. Overall, the structure remains cautious, with prices needing to sustain above the $4,500 support level, while a decisive break below immediate support could weaken momentum and increase downside pressure,” Ponmudi R, CEO of Enrich Money said.
Meanwhile, the Multi Commodity Exchange of India will remain shut during the morning session on May 28 and resume trading in the evening session. As per MCX’s annual trading calendar, the exchange has 16 trading holidays in 2026, including partial and full-day closures.
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