Gold steady as US-Iran deal hopes counter inflation fears

Gold held steady on Thursday, as ‌rising hopes of a U.S.-Iran peace deal countered fears of inflation and higher-for-longer interest rates. Spot gold was down 0.2% at $4,534.69 per ounce, as of 0258 GMT. Bullion gained more than 1% on Wednesday after ​falling to its lowest level since March 30 earlier in the day. US gold ​futures for June delivery were steady at$4,536.70. US President Donald Trump said ⁠on Wednesday negotiations with Iran were in the final stages but warned of further attacks unless ​Iran agreed to a deal, adding that Washington could wait a few days to “get the ​right answers.” Sentiment improved “after Trump’s remarks stating that both the US and Iran are kind of reaching the final stages of peace deal agreement,” said Kelvin Wong, a senior market analyst at OANDA. However, “the overall trend ​of 10-year U.S. Treasury yield since the start of early March is still in ​a medium-term uptrend phase. Hence, gold bulls may not be so aggressive of beating up prices at ‌this ⁠juncture,” he said.