Gold holds steady as traders weigh US-Iran talks, Fed outlook

Gold prices have remained steady as traders await developments on US-Iran talks and the Federal Reserve's monetary policy path. The talks between the US and Iran are seen as a key factor in determining the pressure on the Fed to raise interest rates.

According to US President Donald Trump, negotiations with Iran are currently underway, with Trump describing it as Tehran's "last chance" to strike an agreement that could reopen the Strait of Hormuz and address Washington's concerns over Iran's nuclear programme. The Strait of Hormuz is a crucial energy transit route, and any agreement to reopen it could ease concerns over energy supplies and maritime security.

Meanwhile, crude oil futures have traded higher due to uncertainty over the proposed talks between the US and Iran. October Brent oil futures were up 1.31 per cent, and September crude oil futures on WTI were up 0.96 per cent. Gold has been trading in a narrow range as traders monitor the Middle East talks for signs of progress.

Brief written by urgent.news from FXStreet, Hindu BusinessLine, Financial Post, Bloomberg, Live Mint — 5 reports on this story. Machine-written — it may contain errors, so check the original before relying on it.