Gold Holds Near $4,550 as Iran Sanctions Waiver Reports Ease Oil Rally

Gold prices held steady near $4,550 per ounce during the American session on Monday as traders weighed inflation risks tied to stalled efforts to reopen the Strait of Hormuz against reports that the United States may allow a temporary waiver on Iranian oil sanctions.

Iran's local news media Tasnim, reported that the United States accepted a temporary sanctions waiver during negotiations, citing a source close to the talks, while oil prices erased earlier gains.

Gold fell nearly 4% last week after Washington and Tehran remained apart on terms to reopen Hormuz, while President Donald Trump renewed threats that heightened inflation concerns.

A drone strike on the United Arab Emirates nuclear facility underscored tensions, while rising bond yields and weaker investment flows added pressure on bullion demand.

At the time of writing, XAU/USD was trading at $4,543, up 0.06%.