Woofun AI reports that gold prices recovered to exceed $4,100 per ounce following a mid-week sell-off, supported by a declining US dollar and renewed geopolitical friction between the US and Iran. Rising energy costs have complicated inflation forecasts, strengthening market expectations that the Federal Reserve will sustain elevated interest rates or implement further increases. Minutes from the mid-June policy meeting revealed a hawkish shift within the committee, exerting downward pressure on precious metals. Capital Economics senior economist Thomas Ryan stated, "The minutes of the meeting reiterated that the door to a rate hike in September remains wide open."