XAU/USD trades flat as traders await US-Iran deal clarity amid rising US inflation and Fed policy uncertainty.
Gold (XAU/USD) remains rangebound near the $4,500 mark during Asian trading, failing to extend its rebound from a two-week low of $4,366. The precious metal shows little movement as investors weigh US inflation data against geopolitical risks.
US inflation accelerated at its fastest pace in three years, reinforcing expectations of a Federal Reserve rate hike. Meanwhile, a draft US-Iran ceasefire agreement has eased oil supply concerns, pressuring crude prices and tempering safe-haven demand for gold.
Traders remain cautious ahead of final approval of the Iran deal, with lingering skepticism over nuclear disputes and regional tensions. The US dollar’s resilience further limits gold’s upside, keeping markets in a holding pattern.