27.04.202623:42:25UTC+00Gold Steady as US–Iran Diplomacy in Focus

Gold hovered near $4,700 an ounce on Tuesday, trading in a tight range as investors weighed renewed diplomatic efforts to ease the US–Iran conflict, which has unleashed a historic energy supply shock and heightened inflation risks. According to reports, Tehran has submitted a new proposal to Washington via Pakistani mediators, offering to reopen the Strait of Hormuz if the US lifts its blockade, while postponing negotiations on Iran’s nuclear program. Washington is approaching the offer with caution and is expected to issue counterproposals in the coming days, with Iran’s nuclear ambitions remaining a central obstacle. Markets are also focused on upcoming monetary policy decisions from major central banks this week, including the Federal Reserve, the European Central Bank, and the Bank of Japan. Surging energy prices tied to the Middle East turmoil have intensified inflation concerns and strengthened expectations that central banks may keep interest rates elevated for an extended period—or even tighten further—putting pressure on non-yielding gold.