Gold fell to $4,040 an ounce on Monday, as uncertainty over US-Iran peace talks stoked inflation concerns and reinforced expectations of Federal Reserve interest rate hikes. The precious metal is on track for a fourth straight monthly loss, with a decline of over 10% this month. The US and Iran agreed to halt hostilities in the Gulf and resume talks over the Strait of Hormuz. US President Donald Trump revealed Tehran sought a meeting with an American delegation in Qatar on June 30, following Iran’s missile and drone strikes on US military sites in Kuwait and Bahrain. Trump had earlier warned Iran of severe consequences if it failed to honor a peace agreement. Gold, typically an inflation hedge, loses appeal in high-rate environments as it yields no income. Markets now price in three Fed rate hikes this year, with a 60% chance of a September increase. Investors also await key US jobs data later this week.

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