Gold and Oil Diverge as US-Iran Diplomacy Stalls, Brent Surges

Gold and oil prices moved in opposite directions on Tuesday as diplomatic efforts to resolve the US-Iran conflict stalled, with gold futures falling toward key support while Brent crude surged on renewed escalation risks. Iran's military dismissed President Trump's UN threats to "annihilate" the country as a sign of "strategic desperation," while US and Iranian officials held mediated talks in New York through Qatari intermediaries, marking the first such contact since a June ceasefire collapsed. Trump separately claimed a "very productive" three-hour meeting occurred. The conflict, now in its 208th day, began with US-Israeli air strikes on Iran in February, triggering Iranian attacks on US bases and shipping blockades in the Strait of Hormuz. Trump also threatened sanctions on countries trading with Iran and made disputed claims about Iranian protest deaths.