Gold Holds Hefty Gain as US-Iran Truce Hopes Ease Inflation Fear

Gold steadied after its biggest daily advance since late March as traders assessed the optimism of a US-Iran deal to the end the war that has sent oil prices plunging and eased inflation concerns.

Bullion traded around $4,690 an ounce, after jumping 3% on Wednesday. Falling energy prices weighed on bond yields, while the dollar fell to pre-war levels, tailwinds for gold that’s priced in the US currency and doesn’t offer interest.