Gold Retreats as Market Monitors Progress on Iran War Ceasefire

Gold edged lower, retracing some of the previous day’s gain, as the market monitored developments around the US-Iran ceasefire.

The precious metal fluctuated between gains and loses before falling to trade just above $4,500 an ounce. Treasury yields hovered near multiyear highs as still-elevated energy prices continued to fan inflation concerns. Higher borrowing costs reduce the appeal of non-yielding bullion. Meanwhile, a gauge of the dollar rose 0.2%, making gold more expensive for many buyers.