Gold Steadies in Tight Range as Traders Watch Trump’s Iran Deadline and Ceasefire Reports

Overview

• Gold held near $4,640 to $4,700 on Tuesday, with New York futures at $4,666.70 and spot prices around $4,685 in early trade.
• President Trump set an 8 p.m. ET Tuesday deadline for Iran to reopen the Strait of Hormuz and warned he would hit power plants and bridges if traffic does not resume.
• Reports from Axios describe unconfirmed talks on a 45‑day ceasefire involving the US, Iran, and regional mediators that briefly steadied bullion.
• The stronger-than-expected March US payrolls report reduced market expectations for near-term Fed rate cuts, which tends to weigh on non-yielding gold.
• The Strait of Hormuz has been largely closed since late February, lifting oil prices and inflation worries and helping drive a roughly 12% drop in gold since the conflict began.