Spot gold slipped 0.2% to $4,559.43 an ounce on Thursday, nudging the metal lower as traders digested the latest twist in the U.S.-Iran deal. Negotiators stalled on a formal agreement but said they remain focused on a memorandum of understanding that could end hostilities. Energy prices also edged lower.

XS.com senior analyst Antonio Di Giacomo said any de‑escalation in the region quickly ripples through energy‑linked assets, currencies and precious metals. He noted that despite the slight pullback, gold’s advance remained moderate, because central banks are likely to keep restrictive monetary policies in place longer, sustaining demand for safe‑haven bullion. This dynamic keeps bullion traders on alert amid volatile markets.

Investors watching the metal now face a tug‑of‑war between geopolitical optimism and lingering monetary tightness. A continued slide could pressure portfolios that rely on gold as an inflation hedge, while a rebound would reaffirm its role amid policy uncertainty. Any breakthrough could swiftly reverse the pressure.