Spot gold traded at $4,033.20 per ounce, maintaining its position above the $4,000 threshold but struggling to break through significant resistance levels. Investors are treating the metal less as a traditional haven and more as a rate-sensitive asset, keeping upside potential capped by a strong dollar index at 101.37 and the 10-year Treasury yield hovering near 4.394%. The FOMC's recent decision to hold rates between 3.50% and 3.75% continues to anchor market positioning, with participants bracing for upcoming employment data, including May JOLTS and Thursday’s June payroll report.

Energy markets reflect similar uncertainty. Although oil shipments through the Strait of Hormuz resumed following the June 17 U.S.-Iran deal, flows remain volatile due to fresh hostilities. WTI crude currently trades at $71.28 a barrel, with Brent at $74.53. Because the current oil-risk premium also drives inflationary pressure, gold has failed to capture a significant insurance bid from the regional conflict. With a shortened U.S. holiday week looming, analysts anticipate thinner liquidity, which may exacerbate price swings for both bullion and energy contracts as traders navigate a complex macroeconomic landscape.