Gold fell, following a second weekly decline, as traders monitored progress toward a US-Iran deal and President Donald Trump’s plan to start guiding some ships through the Strait of Hormuz.
Bullion dropped as much as 0.9% and traded around $4,575 an ounce in early European hours on Monday. Trump said in a social media post on Sunday that the US will begin guiding some ships that aren’t involved in the Iran conflict out through Hormuz starting Monday. Oil was steady as traders questioned the workability of the plan.