Gold extended its rebound as markets priced in progress in U.S.-Iran talks; Iran
has proposed a conditional, seven-day restart of traffic through the Strait of
Hormuz, with remaining disagreements centered on sequencing rather than plan
details. Fed official Williams said he is not in a hurry to act after a
September rate hike but could raise again if the economy meets expectations,
prompting a dovish reassessment that cut the market-implied probability of an
October hike to about 45% from roughly 70%. Near-term focus remains on U.S.-Iran
negotiations, Fed policy signals and a heavy U.S. data slate this week: ADP
employment, the PCE price index, ISM manufacturing PMI, initial jobless claims
and Friday's nonfarm payrolls.
