Gold extends pullback from two-month high near $4,450

Spot gold (XAU/USD) is drifting lower for a second consecutive session after stalling near the $4,450 area, its highest level since June 5.

The pullback extends the previous day’s move, keeping the metal below that two-month peak and signaling that the upside attempt has lost momentum for now.

The report attributes the softer tone to easing Iran-related risk, which is offsetting support from reduced Federal Reserve rate-hike expectations. As a result, the near-term bias has turned lower while the metal consolidates below resistance.