Gold price consolidation, ceasefire agreement set to expire

Gold prices are consolidating, with traders weighing the potential talks between the United States and Iran as well as the impact of the upcoming ceasefire ending. Spot gold is holding steady, trading at $4,823.43 per ounce. The US and Iran are planning to hold talks in Islamabad this week. Media reports quote a White House official as saying that President Trump is not inclined to extend the ceasefire deadline expiring on Wednesday night. Konstantinos Chrysikos, Director of Customer Relationship Management at Kudotrade, said in an email: "The movement of gold will continue to be closely related to the developments in the Middle East situation and their impact on the energy market and inflation expectations."