Crypto.com News reports that analysts Warren Patterson and Eva Mantsche of ING say that President Trump has withdrawn the plan to route merchant vessels through the Strait of Hormuz, easing the risk of an immediate escalation in the U.S.-Iran conflict, and the gold price has risen as a result. Concerns about a further escalation of the conflict help maintain gold’s appeal as a safe-haven. However, a longer-lasting ceasefire would reduce inflation risks, thereby limiting the likelihood of further rate hikes by the Federal Reserve, which provides support for gold. For gold, the next key driver will be the interest-rate outlook. The U.S. Treasury borrowing plan and key economic data may influence the market’s expectations for Federal Reserve policy.