Gold steadied above $4,400 per ounce on Tuesday after briefly sliding to a four‑month low near $4,100 at the start of the week, as investors weighed the postponement of planned US strikes on Iranian energy infrastructure and the potential for negotiations to end the conflict. President Donald Trump’s decision to delay the strikes by five days was widely seen as an attempt to contain oil prices, which subsequently fell by about 10%. The US dollar and Treasury yields also pulled back after the announcement, providing additional support for gold.
Still, Tehran rejected claims that any talks were underway, while Israel continued its strikes on Iran. The trajectory of any future negotiations and the prospect of reopening the Strait of Hormuz remain unclear, keeping inflation risks elevated. Gold had previously dropped as much as 25% from its March high, as surging energy prices stoked inflation concerns and strengthened expectations of further interest rate hikes.
