Gold futures for December delivery opened at $4377.20 per ounce on Wednesday (September 2), down 0.4% from Tuesday's closing price. Subsequently, gold prices fell further due to additional US strikes on Iranian targets and Iran's swift retaliatory attacks on US military bases in the Middle East. This marks the second round of US airstrikes in three days, signifying a significant escalation in the US-Iran conflict, with the Strait of Hormuz remaining a focal point of contention. Gold prices opened at a two-week low, while oil prices rebounded. If the conflict persists, the likelihood of the Federal Reserve raising interest rates later this month will increase, which could limit gold's upside potential.