Gold Pressured as US-Iran in Focus

Trump warned he could strike Iranian power plants and bridges if his conditions are not met by Tuesday 8 p.m. Eastern Time, including the reopening of the Strait of Hormuz. This overshadowed signs that the US and Iran may be moving closer to a ceasefire agreement through mediators. Gold remains down about 12% since the conflict began, as surging energy prices tied to the Iran war fueled inflation fears and increased the likelihood that central banks will delay cutting interest rates or even raise them. Markets now expect the Federal Reserve to keep rates unchanged through the rest of the year, compared with earlier projections of two rate cuts.