Gold dips slightly as investors await Hormuz deadline

Spot gold declined 0.2% to $4,638.30 an ounce by 05:39 GMT, while US gold futures for June delivery decreased 0.4% to $4,664.

Market sentiment remained cautious amid escalating geopolitical tensions, as Iran and Israel exchanged strikes. Tehran rejected calls to reopen the Strait of Hormuz and turned down a ceasefire proposal ahead of the deadline set by Trump.

Oil prices continued to rise, remaining above $110 per barrel as tensions between Washington and Tehran escalated, heightening uncertainty in global markets.

Other precious metals also experienced losses. Spot silver decreased by 0.8% to $72.19 per ounce, platinum fell by 1% to $1,959.82, and palladium declined by 0.6% to $1,475.93.