Gold Slips Toward $4,110 as Iran Peace Hopes Fade

Gold fell toward $4,110 an ounce in trading tied to the October 20 session, pressured by fading hopes for a peace deal involving Iran and a less clear outlook for Federal Reserve interest rate cuts. The metal's decline came even as the U.S. dollar was on the back foot, with Treasury yields and crude oil prices both dipping. Gold typically draws haven demand when geopolitical risk rises and benefits when rate cut expectations increase, since it pays no yield. The combination of fading Middle East peace hopes, which would normally support gold as a hedge, alongside a murkier Fed outlook, left the metal's direction mixed, and it ended up lower. The Australian dollar was buoyed separately by hawkish comments from the Reserve Bank of Australia, underscoring that currency and commodity moves this session were driven by diverging central bank signals rather than a single dominant theme.