Bank of America Global Research strategists noted that while June inflation data appeared soft, the decision to hold rates in July is proving more contentious than initially anticipated. Analysts pointed to rising oil prices as a primary driver for continued rate-hike pressure, noting that even with recent de-escalation between the U.S. and Iran, the commodity’s volatility remains a significant threat to long-term price stability.

Gold futures responded to the shifting currency landscape, closing just above the $4,000-per-ounce threshold. This performance highlights the metal’s heightened sensitivity to foreign-exchange fluctuations and the broader market’s anticipation of the central bank's next move.