Gold rallies to two-week high amid US-Iran diplomacy hopes
Gold (XAU/USD) rallies to an over two-week high, around the $4,140-$4,141 area, during the Asian session on Wednesday amid hopes that US-Iran diplomacy could ease energy prices and temper hawkish US Federal Reserve (Fed) expectations. In fact, top negotiators for Iran and the US signaled that they have not walked away from talks. US Secretary of State Marco Rubio said on Sunday that the US was still open to holding talks with Iran, while Irans Interior Minister Eskandar Momeni visited mediator Pakistan and asked Islamabad to continue its efforts. Moreover, reports suggest that mediators are working to bring the US and Iran back to the negotiating table. Meanwhile, the US military said it completed the 11th night of strikes on Iran early Wednesday, targeting aircraft hangars and drone storage sites. Adding to this, President Donald Trump warned that the US strikes would be intensifying and hit any site where Iran attempts to rebuild its nuclear program. Iran, on the other hand, continued attacks across the Gulf, targeting US military assets in Bahrain, Kuwait and Jordan. Adding to this, Iran said that its forces struck two oil tankers as they attempted to transit through the Strait of Hormuz. Furthermore, Yemens Iran-aligned Houthis