Wednesday Asian trade: spot gold held in a narrow range as a temporary Strait of Hormuz agreement appeared increasingly likely, easing inflation concerns and trimming Fed rate-hike odds. Qatar has drafted a proposal to normalize commercial shipping through the strait; US and Iranian officials reported progress on reopening the key energy route. Oil fell for a third day on deal optimism. Markets are now fully pricing one Fed rate hike this year, down from near two last week. A reduced chance of m

Wednesday Asian trade: spot gold held in a narrow range as a temporary Strait of Hormuz agreement appeared increasingly likely, easing inflation concerns and trimming Fed rate-hike odds. Qatar has drafted a proposal to normalize commercial shipping through the strait; US and Iranian officials reported progress on reopening the key energy route. Oil fell for a third day on deal optimism. Markets are now fully pricing one Fed rate hike this year, down from near two last week. A reduced chance of monetary tightening typically supports non-yielding gold. MKS Pamp head of research Nicky Shiels said gold is a liquidity sponge in commodity macro and is among the first assets hit by tightening-risk signals.