Gold futures retreated below $4,100 per ounce after touching a two-week high, as escalating Middle East tensions propelled oil prices higher, strengthening the US dollar and lifting Treasury yields, which weighed on the appeal of the non-yielding metal. Markets remained on edge after fresh US-Iran threats, renewed attacks on Red Sea tankers, and growing concerns over disruptions to global energy and trade routes heightened inflation risks. Investors also assessed softer US labour market data alongside evolving Federal Reserve rate expectations, with the July 29 FOMC meeting and the ECB's upcoming policy decision expected to provide the next major direction for bullion. Reflecting the subdued sentiment, MCX August gold futures declined nearly 1% to ₹1,44,465 per 10 grams.
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