Gold was little changed at around $4,030 an ounce on Monday as investors balanced support from a weaker US dollar against reduced safe-haven demand amid easing geopolitical tensions.
Oil prices tumbled after optimism grew over a potential US-Iran agreement, reducing inflation concerns and expectations that interest rates will remain elevated for longer.
US President Donald Trump said fresh talks with Iran would begin on Monday after holding off on a new attack, although Iran denied that negotiations with Washington were underway.
Additional support came from a softer US dollar, which fell to its lowest level since mid-June after authorities intervened in the foreign exchange market to support the yen.
Investors are now awaiting a series of US labor market reports, culminating in Friday’s nonfarm payrolls release, for further clues on the Federal Reserve’s policy path.
