The market volatility followed a complex day of conflicting reports regarding the Strait of Hormuz. Iran’s military command claimed the waterway was closed to commercial traffic, a statement countered by the U.S. military, which maintained that transit remained open. This uncertainty, compounded by U.S. strikes on Iranian targets, initially pushed Brent crude to $95.40 a barrel before a late-session reversal triggered by President Donald Trump’s comments on potential deal discussions.

Economic data provided further context for traders navigating the uncertainty. U.S. producer prices increased 1.1% in May, representing a 6.5% rise year-over-year, while initial jobless claims ticked upward to 229,000 for the week ending June 6. These figures kept inflationary concerns at the forefront, though a late-day dip in Treasury yields provided a reprieve for gold after an early morning selloff. With the U.S. dollar index softening, market participants are now watching key technical levels, with gold bulls targeting the $4,180 to $4,200 resistance zone and silver bulls looking to establish support above $65.00.