Gold Prices Steady as US-Iran Talks and Oil Prices Weigh on Market

International gold prices remained steady near $4,360 an ounce as traders weighed the impact of US-Iran talks and falling crude oil prices. The price of West Texas Intermediate crude has fallen over 10% from last Tuesday's close, which could reduce pressure on future Federal Reserve rate decisions. Higher energy prices can fuel inflation, increasing the odds of additional Fed rate hikes and reducing the appeal of gold as an investment.

The US-Iran talks have eased tensions in the Middle East, with President Donald Trump giving an upbeat assessment of the discussions. This has contributed to lower oil prices, which in turn could ease pressure on future Federal Reserve rate decisions. The Fed raised its benchmark interest rate last week for the first time in three years.

Meanwhile, China's gold imports have reached a record level this year, exceeding 1,000 metric tons from January through August. This is due to lower global gold prices and a stronger yuan, making gold more attractive as an investment in China.