Tensions persisted, with Israel continuing strikes in Lebanon, which Tehran insists should be included in the ceasefire, while there was no indication that Iran had eased its blockade of the Strait of Hormuz.
A breakdown in talks and a renewed escalation in the conflict could drive up energy prices and inflation, potentially forcing the Federal Reserve to keep interest rates elevated for longer.
This could dampen the appeal of gold, which does not offer yield, despite its traditional role as an inflation hedge.
