Spot gold remained flat at $4,711 per ounce while the dollar drifted amid hopes for US‑Iran de‑escalation.
Iran proposed reopening the Strait of Hormuz, postponing nuclear talks, but US‑Iran negotiations stalled and Hormuz stays largely closed.
Fed meeting expected to keep rates unchanged; it may be Powell’s last, with Kevin Warsh slated as successor after Senate clearance.
Oil price surge from Hormuz closure pressured inflation outlook, bolstering the dollar and limiting gains in non‑yielding assets like gold.