Gold Declines as Traders Assess Renewed Push for US-Iran Talks

Gold fell as traders assessed fragile optimism for a negotiated settlement to the war in the Middle East, despite the near-total blockade of energy shipments via the Strait of Hormuz.

Bullion declined as much as 1.1% to $4,786.54 an ounce, reversing an earlier gain. The US and Iran are closer to extending a ceasefire and restarting discussions about a longer-term peace deal, the Associated Press reported. President Donald Trump told the New York Post that talks could resume “over the next two days” and said in a Fox Business interview the war is “close to over.”