FX.co ★ Gold Steadies Ahead of US-Iran Talks

Gold held above $4,000 an ounce on Tuesday after sliding nearly 2% in the previous session, as investors focused on the resumption of US-Iran peace talks in Doha, which could help ease inflation concerns. However, a major obstacle remains after Tehran reiterated its intention to control traffic through the Strait of Hormuz even if Oman opts out of participation. Shipping through the strategic chokepoint slowed over the weekend following renewed clashes that damaged two vessels, although tanker operators and their crews have so far remained willing to continue using the route. Even so, gold stayed under pressure as markets continued to price in multiple US Federal Reserve interest rate hikes this year, with the first potentially coming in September. The precious metal is on track to lose more than 11% this month and about 14% this quarter, putting it on course for its steepest quarterly decline on record.