Gold prices have stabilized at approximately $4,797.81 an ounce as traders assess ongoing diplomatic discussions between the US and Iran regarding a potential ceasefire in their conflict. This comes after a 1.1% decline in the previous session and a total drop of 9% since the war's onset. Reports indicate that both nations are considering a two-week extension to facilitate peace negotiations, following inconclusive talks in Pakistan. The geopolitical tensions, particularly around the Strait of Hormuz, continue to affect market dynamics, with the US imposing blockades on Iranian shipments. Meanwhile, easing crude oil prices have alleviated some inflation concerns, prompting central banks to potentially maintain steady interest rates, which could benefit gold as a non-yielding asset. Additionally, silver prices rose to $79.24, while platinum and palladium also saw slight increases.