Gold Holds Gain as Trump Sounds Optimism Over US-Iran Talks

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Or sign-in if you have an account.(Bloomberg) — Gold held a gain after President Donald Trump said the US and Iran were in talks to end the war that’s stoked inflationary concerns and raised the likelihood of higher interest rates.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountBullion was near $4,075 an ounce in early trading, after advancing 0.6% on Monday. Trump said there’s “a good chance that something could happen” regarding a deal, comments that appeared to reduce the immediate prospect of military escalation. The US leader added, however, that a return to fighting is likely if negotiations don’t yield a deal.Oil extended a drop on Tuesday after Washington held off attacking Iran for a third straight day. Tehran, in turn, has paused strikes on countries around the Persian Gulf.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againGold has hovered near $4,000 an ounce since late June, with a wave of dip-buying keeping the metal above the psychological threshold viewed by some traders as a key support. Bullion is down by more than a fifth since the war began five months ago, helping to end a multiyear bull run that had carried it to a record near $5,600 in late January.Traders are now positioning themselves for a potentially contentious rate decision by the Federal Reserve this week, as a recent rise in energy costs that accompanied renewed fighting in the Middle East clashes with a tamer-than-expected reading on US consumer prices in June.Interest-rate swaps imply about a 40% chance of a quarter-point increase on Wednesday, an unusually high degree of uncertainty so close to a Fed decision by the standards of recent years. Citadel Securities said it expects a hike this week, a move it argues would strengthen Chairman Kevin Warsh’s credibility in the battle with inflation.Spot gold slipped 0.1% to $4,073.05 an ounce at 7:20 a.m. in Singapore. Silver edged up 0.1% to $58.41 an ounce. Platinum and palladium were down slightly. The Bloomberg Dollar Spot Index, a gauge of the US currency, rose marginally after ending the earlier session little changed.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.