Gold prices fell in early Asian trading; the impact of the slightly tightening Federal Reserve overshadowed the relief brought by the US-Iran agreement.

Gold prices fell in the early Asian session. Spot gold dropped by 0.8% to $4,184.93 per ounce. Analysts from ANZ Bank mentioned in a report that the price of this precious metal is being weighed down by the increasingly dovish Federal Reserve, overshadowing the relief brought by the temporary peace agreement between the US and Iran. ANZ Bank added that Federal Reserve Chairman Powell, after the central bank kept interest rates unchanged earlier this week, vowed to restore price stability and hinted at increasing support for a rate hike.