Gold Pares Gains as Traders Assess Progress on Iran War Truce

Gold trimmed gains as traders weighed the progress on a potential deal between the US and Iran, despite the effective closure of the strategic Strait of Hormuz.

Bullion gave up most early gains after the semi-official Iranian Students’ News Agency reported that Iran’s planned Hormuz toll will be paid via Iranian banks, injecting further uncertainty into the situation in the Middle East. Bond yields pushed higher, weighing on gold as it doesn’t pay interest. Benchmark US oil futures remained above $94 a barrel while equities retreated from record highs.