Gold slips slightly on the possibility of a technical pullback

Spot gold fell 0.1%, quoted at $4,835.85 per ounce. Frank Walbaum of Naga said in an email that Tuesday's rise was due to positive diplomatic signals between the United States and Iran, fueling hopes for resolving interference issues in the Strait of Hormuz. The market analyst stated that this pressured oil prices and alleviated concerns about inflation. The analyst added: "Looking ahead, the direction of gold will depend on the evolution of geopolitical negotiations."