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Commodities: Oil Drops Amid Renewed Peace Deal Hopes

On Monday, Gold prices rose as Oil slumped following President Donald Trump's decision to hold off attacks on Iran to pursue a deal regarding Tehran's nuclear ambitions and reopening the Strait of Hormuz.
Trump said talks with Iran will happen on Monday but declined to set a deadline for an agreement, seeking a quick resolution to reopen the strategic waterway.
Spot Gold rose 0.4% to $4,055.36 per ounce while Gold futures edged 0.2% higher, as the U.S. dollar weakened to its lowest since mid-June.
UBS analyst Giovanni Staunovo said, "We are back to the previous correlation, with gold rising when crude oil falls," noting lower oil prices are reducing rate hike expectations.
Three Federal Reserve officials expressed concerns on Friday that inflation will remain above the Fed's 2% target without immediate rate increases, while ADP employment data and nonfarm payrolls remain in focus this week.

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