Gold rebounds above $4,700 as Iran signals talks on Strait of Hormuz

Gold climbed back above $4,700/oz on Monday after reports that Iran sent a fresh proposal to the United States focused on reopening the Strait of Hormuz and extending the current ceasefire to make room for negotiations. The message, said to be passed through Pakistani mediators, indicates Iran wants nuclear talks delayed until the US removes its blockade of the crucial waterway. Earlier in the session, gold had slipped after Donald Trump cancelled a planned envoy visit to Islamabad, where discussions were expected to restart. Iran responded by saying it won’t negotiate while facing threats or restrictions. Even with the late rebound, the bigger picture for gold remains mixed. Tensions in the Middle East are adding to inflation worries, which could keep global interest rates higher for longer, not ideal for a non-yielding asset like gold. In short: geopolitics is giving gold a lift for now, but interest rate expectations are keeping a lid on stronger gains.