Spot gold climbed 0.81% to $4,343.20 an ounce, while silver rose 0.86% to $70.47 in early U.S. trading. The decline in Brent crude, which dropped below $80 for the first time since March following reports of resumed Iranian tanker shipments, has eased inflationary pressure. This energy-driven cooling effect has provided a tailwind for precious metals, even as the prospect of a hawkish stance from the Federal Open Market Committee keeps investors cautious.

Market participants are now looking past the immediate energy volatility toward the Fed’s June 16-17 meeting. While the May inflation report reinforced the central bank's restrictive bias, the updated Summary of Economic Projections will likely serve as the primary catalyst for market direction. Meanwhile, equity futures remain steady, with the Nasdaq up 0.3%, buoyed by a global risk-on tone following the Bank of Japan’s decision to hike its key rate to 1%. Technical analysts note that gold bulls are aiming to reclaim the 200-day exponential moving average, setting a target of $4,600, provided the metal holds support above the $4,200 floor.