Gold Futures Fall to $4,158/oz on July 7, Down 0.23% After 3-Day Rally

According to COMEX trading data on July 7, August gold futures (GCQ6) declined $9.50 (0.23%) to $4,158 per troy ounce, reversing a three-day gaining streak. The pullback follows a recovery from a June 30 low of $3,960.

Downward pressure on gold stems partly from rising U.S. Treasury yields amid Iranian military provocations in the Hormuz Strait. A 47-nation naval coalition (JMIC) escalated maritime threat levels in the strait from "Substantial" to "Severe" on July 7 after three vessels were hit within 24 hours. As non-yielding assets, gold becomes less attractive in higher interest rate environments.