- Gold futures opened 1.0% lower on Aug. 31 at $4,483.20 per ounce before recovering to $4,507.20 in early trading.
- The first US-Iran exchange of strikes in a month raised the risk that higher energy costs will lift inflation and pressure the Fed to raise interest rates.
- Gold remained up 30.6% year over year despite the latest pullback, underscoring that the move is a correction within a strong longer-term advance.