Gold slipped after stalled efforts to revive US‑Iran peace negotiations, signaling fresh pressure on commodity markets.

The setback comes two months into a conflict that has already shaken global markets and amplified inflation risks. With energy shipments through the Strait of Hormuz remaining choked, traders see a bleak outlook for oil and related assets.

Investors now face a dual threat: a broader slowdown in market momentum and heightened uncertainty over future oil supply. The gold market, traditionally a hedge against geopolitical turmoil, reacts sharply to any hint of renewed conflict.

The decline underscores how intertwined commodity prices are with international diplomacy. When diplomatic channels falter, markets look for safe havens, but the current environment shows even those havens can wobble.