Gold futures rebounded nearly 1% to trade around $4720 per ounce, recovering from the previous session's sharp decline as tensions involving Iran intensified. Fresh warnings from Donald Trump over the reopening of the Strait of Hormuz kept geopolitical risks elevated, supporting demand for the metal. However, gold's upside remains limited, as surging energy prices continue to stoke inflation concerns, reinforcing expectations of further rate hikes. This has weakened bullion's traditional safe-haven appeal, while a stronger dollar has added additional pressure by making gold costlier for global buyers. On the domestic front, MCX gold futures mirrored global trends, rising over 1% to trade near ₹1,51,390 per 10 grams.