Gold edged higher as traders weighed a report on a diplomatic push for a ceasefire in the Iran war. Gold has fallen more than 10% since the conflict started, as spiking energy prices stoke inflation fears and dim the prospects for interest rate cuts that typically benefit the non-yielding precious metal. Bullion’s haven appeal has also been weakened by the need for investors to liquidate positions to cover other losses.Bullion reversed earlier losses to trade near $4,700 an ounce. The US, Iran and regional mediators are discussing terms for a potential 45-day ceasefire that could lead to an end of fighting. Will gold go back to $5,500 an ounce this quater?
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