Gold steady amid uncertainty over US-Iran peace negotiations

Gold held steady on Tuesday as investors parsed ‌a partial ceasefire between Hezbollah and Israel and awaited further details on the status of US-Iran talks amid conflicting news.

Spot gold was steady at $4,481.53 per ounce, as of 0217 GMT. ​

US gold futures for August delivery gained 0.1% to $4,511.20.

“At the start of ​this week, there was a lot of expectation that maybe we’d ⁠get a 60-day extension to the ceasefire over the weekend. Instead, it ​looks like both sides have kind of dug into their red lines and we ​still don’t have a deal,” said Ilya Spivak, head of global macro at Tastylive.

Lebanon on Monday announced a partial ceasefire between Hezbollah and Israel, in what would amount to a limited de-escalation ​of a conflict that has killed thousands of people and inflamed the broader ​war with Iran.

Earlier, Iranian state media said that Tehran was halting indirect negotiations with the US ‌and ⁠might end the ceasefire, citing the war in Lebanon. U.S. President Donald Trump, meanwhile, said that talks with Iran were ongoing “at a rapid pace.”

Investors are now waiting for the US nonfarm payroll and employment reports, both due later in the week, to ​assess resilience in ​the labour market ⁠amid mounting concerns about inflation due to the Middle East conflict.

Also in focus are remarks from Federal Reserve policymakers, including ​Cleveland Fed President Beth Hammack and Fed Governor Michael Barr, ​to gauge ⁠the future monetary policy path.

“On the upside, the main barrier to break here seems to be right around $4,900. If (gold) confidently re-establishes a foothold of the $5,000 mark, then we’ll ⁠know ​that gold is once again re-engaging with its ​longer-term dynamics,” Spivak said.

Spot silver rose 0.5% to $75.21 per ounce, platinum gained 0.5% to $1,932.50, while palladium fell ​0.4% to $1,356.90.