Gold looks to build on the previous day’s goodish bounce from over a two-month low, further beyond $4,500, as reports that the US and Iran have agreed to extend the current ceasefire undermine the US Dollar. However, hawkish Fed bets, bolstered by a surge in US inflation at the fastest pace since May 2023, act as a tailwind for the buck and cap the upside for the non-yielding bullion. Moreover, the US and Iran remain at odds over key issues, keeping a lid on the optimism and the precious metal.
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