Gold fell below $4,350 an ounce as hawkish Federal Reserve comments outweighed the inflation relief from declining oil prices. Richmond Fed President Tom Barkin said inflationary shocks could take time to fade, while Boston Fed President Susan Collins supported last week’s rate increase amid concerns that inflation could remain above the 2% target. Oil prices extended their decline for a sixth consecutive session after President Donald Trump described U.S.-Iran discussions as very good. Tehran said it could reopen the Strait of Hormuz within seven days if the United States eases military pressure and lifts its blockade of Iranian ports. China’s gold imports surpassed 1,000 metric tons through August, exceeding the full-year 2025 total and reaching the highest level since the data series began in 2017.