monsitj/iStock via Getty Images Gold futures extended losses Tuesday, with gold tumbling back below $4,900/oz and silver sliding under $74/oz, pressured by easing geopolitical tensions in the Middle East and a stronger dollar, which would make dollar-denominated commodities more expensive for overseas buyers. Iran's foreign minister said his country and the U.S. reached an understanding on "guidin...
monsitj/iStock via Getty Images Gold futures extended losses Tuesday, with gold tumbling back below $4,900/oz and silver sliding under $74/oz, pressured by easing geopolitical tensions in the Middle East and a stronger dollar, which would make dollar-denominated commodities more expensive for overseas buyers. Iran's foreign minister said his country and the U.S. reached an understanding on "guiding principles" in talks aimed at resolving their longstanding nuclear dispute, which helped ease fears of conflict in the region, but it does not mean a deal is imminent. The indirect talks between Iran's Abbas Araqchi and U.S. Special Envoy Steve Witkoff and President Trump's son-in-law Jared Kushner were mediated by Oman, whose foreign minister said on social media that "much work is yet to be done," but the U.S. and Iran were leaving the discussions with "clear next steps." Investors are also awaiting the minutes of the Federal Reserve's January meeting, due Wednesday, for further clues about monetary policy going forward. Investors in Bank of America's global fund manager survey for February expect gold to peak at $6,200/oz, based on the weighted average price expectation, with a total of 20% of respondents believing the gold price has already peaked, while 19% expect the metal to climb above $7,000. The BofA survey said buying gold is the most crowded trade for the second straight month, with 50% of fund managers saying "long gold" is the most crowded trade in February, followed by 20% of fund managers pointing to buying the biggest U.S. technology stocks. Front-month Comex gold ( XAUUSD:CUR ) for February delivery closed -2.7% to $4,882.90/oz, its lowest settlement value since February 5, and front-month Comex February silver ( XAGUSD:CUR ) ended -5.6% to $73.447/oz, its lowest close since January 2. ETFs: ( GLD ), ( GDX ), ( GDXJ ), ( IAU ), ( NUGT ), ( PHYS ), ( GLDM ), ( AAAU ), ( SGOL ), ( RING ), ( BAR ), ( OUNZ ), ( SLV ), ( PSLV ), ( SIVR ), ( SIL ), ( SILJ ) Mo...