Gold struggles to gain any meaningful traction at the start of a new week as traders opt to wait for further developments around Middle East tensions. US President Donald Trump announced a new plan to escort ships out of the Strait of Hormuz, while Iran warned that any US interference in the waterway would constitute a ceasefire violation. This acts as a tailwind for the safe-haven US Dollar, which, along with reviving Fed rate hike bets, seems to undermine the non-yielding bullion.
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