Gold started the new week lower and remains stuck below the $4,700 mark.
The commodity slipped 0.5% to $4,690 an ounce at the London stock market, as ongoing geopolitical uncertainties and hawkish US Federal Reserve (Fed) expectations support the US dollar’s reserve currency status, which works against the yellow metal, according to Reuters.
However, due to the lack of follow-through selling, there should be some caution before confirming that the recent goodish rebound from the $4,500 psychological mark, or over a one-month low touched last week, has run out of steam.
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Hopes for a peace deal between the United States and Iran and de-escalation vanished as hostilities in the Strait of Hormuz resumed.
Additionally, President Donald Trump and the Persian country rejected each other’s peace proposals for ending the conflict and gradually reopening the Strait of Hormuz amid stark disagreements over Iran’s nuclear program.
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