Gold and silver plunge as Iran talks falter, yields rise

“The metal’s next move likely hinges on two threads converging at once: the Fed’s October rate decision, and whether the recent signs of renewed US-Iran diplomatic engagement on Hormuz firm up into an actual de-escalation. A dovish surprise from the Fed or confirmed progress on Iran talks could spark a sharp bounce toward resistance, while continued hawkish signals or a stalled Iran negotiation would likely extend the slide toward the lower support band.”

“Elevated crude prices, rather than boosting gold’s safe-haven appeal as they typically would during geopolitical stress, are instead reinforcing the case for further Fed tightening, feeding a stronger dollar and steeper yield curve that both work against non-yielding bullion.”