Gold Rate Today: Peace talks cap safe-haven demand

According to market experts, hopes of improving relations between the US and Iran also contributed to weakness in precious metals. Analysts at Mirae Asset ShareKhan noted that gold traded lower even as crude oil prices declined for a third consecutive session amid optimism over continued diplomatic engagement. The two countries extended their pause in hostilities while discussions over the Strait of Hormuz continued through Oman’s mediation. Reports indicating some progress in negotiations raised hopes of a possible breakthrough, although no formal agreement had been reached. The easing of geopolitical tensions reduced the urgency for investors to seek traditional safe-haven assets such as gold.