24.03.202611:18:47UTC+00Gold Stuck at $4,400 as Middle East Risks, Fed Outlook Weigh

Gold hovered near $4,400 per ounce on Tuesday, swinging between modest gains and losses as ongoing uncertainty in the Middle East fueled market volatility. President Trump announced a delay in planned US strikes on Iran, citing "positive talks"—a characterization Tehran dismissed as "psychological warfare." Nonetheless, reports indicated that indirect negotiations may be taking place.

Further escalating tensions, the Wall Street Journal reported that Saudi Arabia and the UAE are moving closer to entering the conflict, while an Israeli official told CNN that a ceasefire remains "out of reach" because Iran shows no sign of making concessions. Israel’s Defense Minister pledged to "continue striking Iran with full force."

Despite the geopolitical backdrop, gold prices remained near their lowest level since January, down 25% from their March peak, as surging energy costs reinforced inflation concerns. Financial markets have now largely priced out the possibility of Federal Reserve rate cuts in 2026, and traders are preparing for additional tightening by other major central banks.