Gold Steady as US-Iran Clashes Dim Truce Prospects in Mideast

Gold was steady as optimism that a deal to reopen the Strait of Hormuz was imminent faded following reports of attacks on US Navy vessels, reviving inflation concerns.

Bullion traded near $4,700 an ounce, after ending the previous session marginally lower. The US struck military targets in Iran after the country fired on three navy destroyers sailing in the strait, an escalation that dimmed hopes for a deal that had buoyed markets earlier.