Gold rebounds on signs of progress in US-Iran talks

Gold prices recovered on Monday from their lowest level in a week, supported by signals of progress in peace talks between the United States and Iran. Spot gold rose 0.9% to $4,197.41 per ounce, after touching its weakest point since June 11 on Friday. The gains were capped by expectations of a US interest rate increase, with the probability of a hike at the December Federal Reserve meeting priced at 89%. US gold futures for August delivery slipped 0.7% to $4,215.90 per ounce. Brent crude futures fell more than 1% following the reported progress in US-Iran negotiations. Other precious metals also advanced, with silver up 1.8% to $66.10 per ounce, platinum rising 0.2% to $1,667.97, and palladium gaining 1% to $1,270.41.