Gold Prices Steady as US-Iran Talks Unfold Amid Inflation Fears
Gold prices remained steady on Tuesday as investors navigated conflicting signals about possible US-Iran talks and eyed upcoming US jobs reports for clues on the Federal Reserve's interest-rate path.
US gold futures rose 0.6 per cent to $4,055.10 per ounce, while spot gold was steady at $4,055.39 per ounce as of 0042 GMT.
US President Donald Trump stated that talks with Iran were underway, describing it as a 'last chance' for Tehran to sign a good deal and end the five-month-old war. However, Iran denied any negotiations were being held or planned.
The ongoing conflict in the Middle East has driven up energy costs and stoked inflation fears, potentially prompting central banks to increase interest rates to curb price pressures. Despite gold's traditional role as an inflation hedge, higher rates tend to weigh on the metal since it yields no interest.