Gold futures fell nearly 2% toward $4,750 per ounce, pulling back from recent highs as escalating tensions between the United States and Iran drove oil prices higher and reignited inflation concerns. While geopolitical risks typically support bullion, the surge in the US dollar and rising Treasury yields increased the opportunity cost of holding non-yielding gold, triggering profit booking. Fresh escalation and strong rhetoric from Donald Trump have further clouded the outlook for a near-term resolution, keeping volatility elevated. Reflecting global weakness, MCX June gold futures slipped to ₹1,53,621 per 10 grams, with prices now down nearly 10% since the conflict began.