Gold Inches Up as Traders Weigh Iran Deal Prospects, Inflation
Gold dore bars stacked at the Perth Mint Refinery in Perth, Australia.
Photographer: Matt Jelonek/BloombergGold rose slightly as investors assessed mixed signals about the possibility of a US-Iran ceasefire deal, while also weighing the odds that elevated energy prices will prompt central banks to keep interest rates higher for longer.
Bullion gave up some of its earlier increase to trade about 0.5% higher. President Donald Trump said he called off plans to attack Iran on Tuesday because “serious negotiations are now taking place” on reaching an agreement. Earlier the White House said a proposal delivered by Iran through Pakistani mediators on Sunday lacked meaningful improvement, Axios reported. According to reports from Tasnim, Iran said US demands were still excessive and that it would not agree to end the war at the expense of its nuclear program.