Gold slips as fading US-Iran peace prospects reinforce Fed rate-hike bets

Gold prices tumbled to a seven-month low as hopes for a U.S.-Iran peace deal faded, fueling inflation worries and increasing the likelihood of Federal Reserve interest rate hikes. Cleveland Fed President Beth Hammack indicated a willingness to raise rates if inflation persists. Investors are now keenly awaiting U.S. employment data for further clues on the Fed's monetary policy direction.