Gold held above $4,350 an ounce on Wednesday after a sharp intraday rebound in the previous session, while oil prices fell for a sixth consecutive session. Crude extended its decline after President Donald Trump said U.S. officials had a very good meeting with Iranian envoys. 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. Reports also said Saudi Arabia plans to restore oil exports through its East-West pipeline in the coming days. Richmond Fed President Tom Barkin warned that inflationary shocks could take time to fade and that elevated price pressures could become entrenched. China’s gold imports through August exceeded 1,000 tons, already surpassing the total for 2025 amid strong investment demand.