Gold steadied on Tuesday as investors parsed a partial ceasefire between Hezbollah and Israel and awaited further details on the status of U.S.-Iran talks.<\/p>\n
Sven Hoppe | Picture Alliance | Getty Images<\/p>\n
Gold\u00a0held steady on Tuesday as investors parsed a partial ceasefire between Hezbollah and Israel and awaited further details on the status of U.S.-Iran talks amid conflicting news.<\/p>\n
Spot\u00a0gold<\/a>\u00a0was steady at $4,481.53 per ounce, as of 0217 GMT. U.S.\u00a0gold\u00a0futures<\/a>\u00a0for August delivery gained 0.1% to $4,511.20.<\/p>\n “At the start of this week, there was a lot of expectation that maybe we’d get a 60-day extension to the ceasefire over the weekend. Instead, it looks like both sides have kind of dug into their red lines and we still don’t have a deal,” said Ilya Spivak, head of global macro at Tastylive.<\/p>\n Lebanon on Monday announced a partial\u00a0ceasefire\u00a0between Hezbollah and Israel, in what would amount to a limited de-escalation of a conflict that has killed thousands of people and inflamed the broader war with Iran.<\/p>\n Earlier, Iranian state media said that Tehran was\u00a0halting\u00a0indirect negotiations with the U.S. and might end the ceasefire, citing the war in Lebanon. U.S. President Donald Trump, meanwhile, said that talks with Iran were\u00a0ongoing\u00a0“at a rapid pace.”<\/p>\n Investors are now waiting for the U.S. nonfarm payroll and employment reports, both due later in the week, to assess resilience in the labour market amid mounting concerns about inflation due to the Middle East conflict.<\/p>\n Also in focus are remarks from Federal Reserve<\/a> policymakers, including Cleveland Fed President Beth Hammack and Fed Governor Michael Barr, to gauge the future monetary policy path.<\/p>\n “On the upside, the main barrier to break here seems to be right around $4,900. If (gold) confidently re-establishes a foothold of the $5,000 mark, then we’ll know that\u00a0gold\u00a0is once again re-engaging with its longer-term dynamics,” Spivak said.<\/p>\n Spot silver<\/a>\u00a0rose 0.5% to $75.21 per ounce, platinum<\/a>\u00a0gained 0.5% to $1,932.50, while palladium<\/a>\u00a0fell 0.4% to $1,356.90.<\/p>\n