Gold Dips Below $4800 Ahead Of Warsh's Confirmation Hearing

(RTTNews) - Gold fell below $4,800 an ounce on Tuesday as investors awaited clarity on U.S.-Iran peace talks.

Spot gold dipped 0.8 percent to $4,783.87 an ounce while U.S. gold futures were down 0.6 percent at $4,802.41.

Investors pinned hopes for a resolution to the U.S.-Iran war, even as tensions between Washington and Tehran continue to simmer ahead of a potential ceasefire deadline.

With a two-week ceasefire expiring in hours, a senior Iranian official reportedly said the country would attend peace talks with the United States in Pakistan.

U.S. President Donald Trump said the blockade or Iranian ports would not be lifted until an agreement had been reached and that Iran is losing $500 million dollars a day, which is unsustainable for Tehran.

Trump also asserted that any new deal with Tehron would be "far better" than the 2015 Joint Comprehensive Plan of Action (JCPOA).

Iran's top negotiator and Parliamentary Speaker Mohammad Bagher Ghalibaf has accused Trump of turning the negotiating table into a surrender table or to justify renewed warmongering.

Iranian Foreign Minister Abbas Araqchi said that "continued violations of the ceasefire" by the U.S. are a major obstacle to continuing the diplomatic process.

Beyond geopolitical tensions, traders will keep a close eye on the upcoming confirmation hearing of Federal Reserve Chair nominee Kevin Warsh for signals on inflation, interest rates and central bank independence.

The U.S. March retail sales report is due later in the day, but elevated oil prices could complicate the interpretation of the data.

The dollar index was range-bound, and U.S. Treasury yields were little changed in early European trade.