Gold futures drop 1.8% to $4,183 amid US-Iran strikes and CPI anticipation

Gold futures opened at $4,276.10 on Wednesday, June 10, 2026, marking a 1.8% decline from the previous day’s opening price. By 6:28 a.m. ET, the spot price had retreated further to $4,183.80. This movement represents the first time the precious metal has traded in the $4,100 range since March 23, 2026, and the lowest level recorded since December 2025.

The sell-off follows an overnight exchange of military strikes between the United States and Iran. Tensions escalated after US President Donald Trump accused Iran of shooting down a US Army AH-64 Apache helicopter over the Strait of Hormuz, a claim that prompted threats of retaliation from Tehran and counter-threats to target vessels in the strategic waterway.

Market participants are also weighing the implications of the upcoming US Consumer Price Index (CPI) report. The ongoing conflict raises concerns about prolonged disruptions to oil and natural gas supplies, which could sustain inflationary pressures in the United States and globally. A steady flow of energy commodities remains uncertain as peace agreements and the reopening of the Strait of Hormuz appear distant.

Year-over-year, gold’s price change is near its lowest level in over a year. This contrasts sharply with the 95.6% one-year gain recorded on January 29, 2026. The recent volatility reflects a cycle of rhetoric from the White House, where threats of strikes have alternated with claims that a “great settlement” is imminent.

Investors are monitoring the market closely as the CPI data approaches. The combination of geopolitical risk and macroeconomic indicators continues to drive significant price action in the gold sector, with futures contracts showing heightened sensitivity to both supply chain fears and monetary policy expectations.