Gold experienced a slight decline during early trading, potentially due to a technical correction following a 1.7% overnight gain in the most active Nymex gold futures contract. Spot gold fell 0.1%, trading at $4,835.85 per ounce. According to Frank Walbaum from Naga, Tuesday's price increase was driven by positive diplomatic signals between the US and Iran, which raised hopes for a resolution to disruptions in the Strait of Hormuz. The market analyst noted that this development weighed on oil prices and alleviated inflation concerns. He added, "Looking ahead, the direction of gold will depend on the evolution of geopolitical negotiations."