Analyst: Gold price pullback reflects market optimism over Iranian statements, Federal Reserve meeting becomes the focus

1. Tastylive Global Macro Director Ilya Spivak stated that gold prices experienced a pullback within the first 24 hours of trading this week, which seems to reflect the market's positive reaction to remarks made by Iran's Foreign Minister. On Monday, crude oil prices responded by falling, yields edged lower, the US dollar gave back some of its recent gains, and the stock market saw an uptick.2. Spivak pointed out that monitoring news developments regarding the US-Iran conflict and their impact on crude oil remains a key factor, but the upcoming Federal Reserve meeting could also serve as an important catalyst. If the Fed adopts a relatively hawkish tone, gold may weaken.3. The market is waiting for the Federal Reserve's policy statement to assess how the central bank evaluates the impact of the Middle East conflict on inflation and growth. If a hawkish signal is released, it could further suppress gold prices.