Gold fell below $4,350 an ounce on Wednesday as hawkish comments from Federal Reserve officials outweighed the inflation relief from declining oil prices. Richmond Fed's Tom Barkin said inflationary shocks could take time to fade, while Boston Fed's Susan Collins backed last week’s rate hike amid concerns that inflation could remain above the 2% target. Oil prices extended their decline for a sixth straight session after President Trump said US officials had a “very good” meeting with Iranian envoys. Tehran said it could reopen the Strait of Hormuz within seven days if the US eases military pressure and lifts its blockade of Iranian ports. Lower oil prices reduce concerns about inflation and further interest-rate increases. China’s gold imports through August surpassed 1,000 tons, exceeding the country’s full-year total for 2025 as investment demand remained strong.