<div id="readability-page-1"><div> (RTTNews) - Gold prices have slumped on Tuesday as the U.S. administration delays responding to a 14-point peace plan submitted by Iran while uncertainty surrounding the reopening of the Strait of Hormuz continues to linger. Front Month Comex Gold for June month delivery was last seen trading at $4,511.10 per troy ounce, tumbling by $46.90 (or 1.03%). Front Month Comex Silver for June month delivery was last seen trading at $74.665 per troy ounce, plunging by $2.517 (or 3.26%). The gulf war entered day number 81 today. The ceasefire announced to facilitate negotiations to end the U.S.-Iran hostilities has not yielded any breakthrough so far. Over the past few days, through his social media platform Truth Social, U.S. President Donald Trump posted one after other messages pressuring Iran to avoid a war by striking a deal with the U.S. First Trump posted a message captioned &#34;the calm before the storm&#34; with a photo of himself attached with warships behind him. Then, Trump also posted an image of the Middle East region, draped in the U.S. flag with multiple red arrows converging towards Iran, possibly depicting multiple attacks on Iran from all directions. On Sunday, Trump stated that the clock was ticking for Iran and asked the regime to get moving fast. He warned that if Iran fails to do so, there would not be nothing left of the country. While concerns of renewed escalation increased, on Monday, Iran's Tasnim news agency reported that Iran had offered a 14-point resolution draft proposal aimed at ending the war and building trust. Hours later, Trump announced that at the request of the leaders of Qatar, Saudi Arabia, and the United Arab Emirates, he called off a planned military attack on Iran scheduled for today. Trump added that in their collective opinion, serious negotiations are ongoing that would yield an acceptable solution for the U.S. He stressed that any deal should deprive Iran of nuclear weapons. Trump also reaffirmed that U.S. forces are ready to begin a large-scale assault on Iran at a moment's notice if a favorable deal is not made. As concerns of a fresh war have been put off at least for a few days, markets cheered these moves. Spokesperson for Qatar's Foreign Ministry Majed al-Ansari stated that the U.S.-Iran negotiations need more time. Ansari had also stated that the Strait of Hormuz cannot remain blocked by any country under any circumstance. According to Iran's ISNA news agency, Iran's Foreign Minister Seyed Abbas Araghchi stated that the &#34;contradictory and excessive behavior&#34; of the U.S. remains as a major obstacle to diplomatic attempts to end the conflict. Since the war began on February 28, the Strait of Hormuz has been effectively shut. Oil and energy transit has nearly come to a standstill, thereby pushing the costs of almost all products and services across the world. Crude oil prices exploded upward, past the $100 per barrel mark since late February and major economies of the world are struggling to handle this challenge. The protracted standoff in the gulf region continues to drive inflationary concerns and investors are thinking twice before making big moves, which is weighing on gold. During a swearing-in ceremony to be held this Friday, Kevin Warsh takes charge as the new Chair of the U.S. Federal Reserve, replacing outgoing Chair Jerome Powell. Investors are waiting to see the moves by Warsh as the U.S. faces several headwinds from increasing gasoline prices, inflation, unemployment, massive layoffs, and the ongoing U.S.-Iran conflict. On the economic front, data released by the Automatic Data Processing today revealed that private employers added an average of 42,250 jobs per week over the four weeks to May 2, up from 33,000 in the prior period. The U.S. dollar index was last seen trading at 99.25, up by 0.26 points (or 0.26%) today. According to the CME Group's FedWatch Tool, investors are betting on a 98.7% chance that the Fed will hold the interest rates at the current 3.50% to 3.75% range at the Federal Reserve's upcoming meeting on June 16-17. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. </div></div>

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Gold prices fell on Tuesday as the U.S. delayed its response to Iran's 14-point peace plan amid ongoing uncertainty over the Strait of Hormuz. Comex Gold for June delivery dropped to $4,511.10 per troy ounce, down 1.03%. Silver also declined by 3.26%. The conflict has now entered its 81st day, with no significant progress in ceasefire negotiations. Investors are cautious due to rising inflation and geopolitical tensions, impacting market movements.

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Gold Tumbles As Hormuz Crisis Continues While Iran Awaits U.S. Response To Peace Plan