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Gold defends bids near $4,700 amid US-Iran peace hopes
Published 1 month ago
Description
Gold defends its bid tone near the $4,700 mark in the European session on Monday, lacking bullish follow-through buying. Reports suggest that Iran gave the US a new proposal on reopening the Strait of Hormuz and ending the war, with nuclear negotiations postponed for a later stage. This revives hopes for US-Iran peace talks and undermines the US Dollar's reserve currency status, which is seen as acting as a tailwind for the commodity.