Gold steadied near $4,540 an ounce as hopes of a US-Iran truce eased bets on further interest-rate hikes. President Trump said the US is in the final stages with Iran, prompting a dollar and Treasury yield retreat that lifted the metal. Gold gained 1.4% in the prior session.

The metal has fallen about 14% since the Middle East conflict began in late February, while 10-year Treasury yields sit near their highest levels in a year. Fed minutes showed a majority of officials warned the central bank would likely need to raise rates if inflation runs persistently above target, adding pressure on non-yielding gold.

Citigroup analysts said gold will likely bottom out when Strait of Hormuz tensions ease, though the metal's 14% decline since late February shows the volatility ahead. Spot gold was little changed at $4,542.16 an ounce in Singapore, with silver down 0.1% at $75.83.