Gold hovered below $4,750 an ounce on Wednesday after falling more than 2% in the previous session, as plans for a second round of US–Iran peace talks collapsed, despite President Donald Trump’s decision to extend the ceasefire. Reports indicated that Vice President JD Vance canceled a planned trip to Islamabad after Tehran informed Washington through Pakistan that it would not participate in the meeting. Iran also stated it would not reopen the Strait of Hormuz as long as the US Navy continues intercepting vessels.
At the same time, Trump said he would postpone further strikes until Iran presents a new proposal and negotiations are completed. Gold is now down roughly 10% from levels seen at the onset of the conflict. The metal also came under additional pressure from the Senate confirmation hearing for Federal Reserve Chair nominee Kevin Warsh, who vowed to act independently. Warsh called for a new policy framework to address persistent inflation, though he did not provide detailed guidance on what that would entail.
