Hormuz reopening remains uncertain as Iran links it to major US concessions.  Failed talks            : Oil ↑ → Geopolitical risk ↑ → Safe-haven demand ↑ → Gold potentially ↑Successful deal  : Hormuz risk ↓ → Oil ↓ → Inflation pressure ↓ → Gold’s geopolitical premium may unwind  Trading Focus      :  Watch XAU/USD + Oil + DXY + US 10Y yields together.Fundamental Bias: Bullish & Volatile for Gold until there is clear evidence of a sustainable Hormuz reopening. 

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