Gold fell below $4,150 an ounce on Tuesday, giving back gains from the previous session as firm expectations for Federal Reserve interest rate hikes outweighed optimism surrounding ongoing US-Iran peace negotiations.Both Deutsche Bank and BofA Global Research have revised their forecasts to include a rate increase in September.Investors are now focused on this week’s PCE report, which contains the Fed’s preferred inflation gauge and is expected to offer fresh insight into underlying price pressures.Meanwhile, Washington granted Iran a 60-day license to sell oil on international markets, boosting expectations of a faster recovery in global supply.Shipping through the Strait of Hormuz has also increased, with producers such as Kuwait and the United Arab Emirates finding alternative export routes, while Iran shipped more than 30 million barrels over the past week.
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The EUR/USD pair drifts lower for the third straight day – also marking the fifth day of a negative move in the previous six –...
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