Gold extends its losing streak to a tenth session as Iran rejects claims of talks with the U.S.

Gold prices continued to decline for a tenth consecutive session during Asian trading on Tuesday, as Iran denied engaging in talks with the U.S. following Donald Trump’s decision to delay further strikes on Iranian energy facilities.

Spot gold dropped 1.3% to $4,351.28 per ounce, while U.S. gold futures fell 0.3% to $4,399.59. The postponement of military action by Washington helped ease broader market tensions and led to a sharp decline in oil prices, allowing gold to recover slightly in the previous session.

Trump had earlier delayed plans to target Iran’s power grid, citing “productive” discussions, but Mohammad Baqer Qalibaf dismissed these claims, stating that no such talks had occurred—adding uncertainty to the situation.

Despite typically being seen as a safe-haven asset, gold has struggled amid shifting macroeconomic expectations. Rising energy costs have fueled concerns about persistent inflation, prompting investors to scale back expectations of interest rate cuts.

As a result, central banks—including the Federal Reserve—are now expected to maintain higher interest rates for longer, which tends to pressure gold prices since it does not generate interest.

Other precious metals also declined, with silver falling 1.5% and platinum slipping 0.3%.

Sources: Ayushman Ojha