Gold Steadies as Attempts to Restart US-Iran Peace Talks Falter

Gold held steady near record highs on Monday as attempts to restart U.S.-Iran peace talks faltered, reinforcing a geopolitical risk bid across commodities markets.

Reuters reported that oil prices rose nearly 2% as the talks stalled and shipments through the Strait of Hormuz remained limited. Bloomberg said gold was steady above $4,700 an ounce as efforts to resume diplomacy ran into another roadblock.

The latest reporting adds to a volatile stretch for energy traders and investors tracking the Middle East. The Strait of Hormuz remains a key flashpoint because any disruption there can affect a large share of global crude flows and quickly spill into fuel costs and inflation expectations.

Bloomberg also reported that Iran had floated a proposal to reopen the strait while postponing nuclear talks, but Tehran said it would not negotiate while under threat. That leaves the diplomatic path unclear and keeps attention on whether any new round of talks can be arranged.

The market backdrop has already been shaped by official warnings. The U.S. Energy Information Administration has said Hormuz-related disruptions are a key driver of higher oil, gasoline and diesel forecasts. The United Nations said on April 17 that Iran announced the strait was open for commercial vessels for the remainder of the ceasefire, but later UN coverage noted continued uncertainty around maritime security and further U.S.-Iran talks.

For now, the immediate question is whether diplomacy resumes or whether shipping constraints persist long enough to keep energy markets tight. Gold is likely to remain sensitive to any shift in the oil outlook, inflation expectations or official statements from Washington and Tehran.