Gold price slightly fell as traders weigh progress on the US-Iran agreement.

As traders weigh the progress of a possible agreement between the US and Iran, the price of gold has slightly fallen. Spot gold dropped by 0.2%, to $4.559.43 per ounce. Progress towards a deal slowed on Monday, but both sides are working to reach a memorandum of understanding aimed at ending the conflict. "Any signs of reduced Middle East tension can quickly change market sentiment, especially in assets, currencies, and precious metals related to energy," said Antonio Di Giacomo of XS.com in an email. However, the senior market analyst added that gold's "upward momentum remains moderate" under sustained currency pressure, and pointed out that central banks around the world may maintain their restrictive monetary policy stance for a longer period of time.